Data is from RealCompOnline and as reported by the Livingston County Association of Realtors.
February 2011 showed a trend similar to January, with a reduced number of units available, 1300 for 2011 vs. 1611 for 2010 (a 19.3% drop), and a gradual increase in sold prices. The median sales price for February 2011 was $126,500 vs. February 2010's $123,599. The average sales price also saw an increase from $139,801 in 2010 to $146,596 for 2011.
Year To Date as of February 2011, there were 280 total residential sales with almost 40% of them occurring in the $100,000 to $174,999 price ranges. While the total number of residential sales is down 8.5% this year when compared to last year, the sales prices are edging up.
For buyers that have been ‘on the fence', this may signal the time to purchase. Lower inventory, rising sales prices and still attractive interest rates mean that you will have to see houses sooner and act quicker should you want to write an offer. Expect multiple offer scenarios once a home gets priced at or near ‘market' value. If you're looking at foreclosure properties, expect that you will also need a pre-approval from a seller specified lender in addition to the one from your lender. That will add at least a day to the time you need to get your offer submitted.
Sellers need to closely examine their motivations to list. A good portion of the market is short sales, and those folks have little choice. There are families selling to take advantage of good prices on ‘move up' homes for their growing families, and those values still offset their loss on the current, smaller home. People who are moving for job opportunities or for family reasons round out the field of voluntary sellers, in large part. Unless you have been in your home for an extended time and have a large amount of equity, this does not appear to be the time for discretionary selling.