In reviewing the year to date (YTD) stats through April 2009-2011, we are facing lower prices, shrinking inventory and quicker sales. First the raw data.
Listings went from 2,269 (YTD) in 2009, to 2,012 in 2010, and now for 2011 we're at 1,647. That means this year's listings are down 18% from last year and down over 27% from year 2009.
Sales (YTD) were at 599 in 2009, jumped to 771 (a 28+% increase) in 2010, but we're at 679 for 2011. That represents an almost 12% decrease for 2011 vs. the 2010 data. The fact that we're seeing more sales in 2011 than in 2009, even though there are fewer listings could be interpreted to mean that there are more properly priced distressed listings on the market, or it may signal a pent up demand on the part of buyers.
Personally, I believe that motivated buyers who have seen enough properties are deciding to not play games with extensive offer-counter offer-counter counter offer situations because they've been beaten by other incoming multiple offers before they get get a house under contract. Also, in the under $80,000 range the investors are coming in with (mostly) very realistic cash offers. Their money is making pennies in other investments and the time to buy is now, especiall with a fairly robust rental market.
Our Multi List System (MLS) report says that residential units available (again, YTD) have declined from 2283 in 2009 to 1387 in 2011. That's a 39% difference. At the same time the Days on Market (DOM) went from 141.5 in 2009 to 119.8 in 2011, a 15% decline. So an almost 40% decline in units available with a 15% shortening of the time on the market means that a lot of buyers are getting beat out before they ever decide to write an offer. With new construction a shadow of its former self, buyers in large part HAVE TO go with existing homes.
If you're a buyer that is not yet committed to working with a Realtor, feel free to call me for a short confidential interview and evaluation of the housing market dynamics and homes in your price range. Unless you have a lot of questions, we should be able to meet and go through that data in less than 35 minutes.
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