They say there really is no "good market" or "bad market," only that the market is a dynamic where there is always opportunity. But for sellers trying to move quickly, this is a frustrating market.
Inventory is up with 331 homes available at the end of April, compared to 308 last year Properties are taking an average of 25% longer to sell and sales are down 21%.
Is that bad news? It depends on how you look at it. There are 65 homes priced under $199,900. Last year there were 39. Homes for sale between $200,000 and $249,900 number 55 versus 49 in ‘07. There were 65 homes in the $250,000 - $299,900 range last year. There are 64 now. In the $300,000 - $349,900 segment, we have 46 homes, down four from last year; while the $350,000 - $399,900 range has four more than lastyear with 31 currently for sale.
Looking at the top three brackets, the $400,000 - $499,900 grouping has 30 offerings currently. There were 34 last year. The $500,000 - $599,900 range saw 23 available last year and 16 on the market now. In the top ($600,000+) category there are three more than last year with two dozen currently available.
Looking at absorbtion rates - how long it would take to sell out in a particular price segment - folks with homes priced in the $500,000's are looking at slightly more than four years of supply, followed by homes in the $300,000 - $349,900 segment which has a 46 month inventory.
The top range of $600,000+ has a three year supply; $400,000 - $499,900 homes would need almost 26 months to be depleted. Homes priced from $350,000 - $399,900 fare better with justunder two years of inventory. Homes listed between $250,000 - $299,900 have about 18 months of supply.
The fastest moving segments are the $200,000 - $249,900 group with about eight months of inventory and the homes priced below $200,000 with slightly less than seven months of supply.
For those trying to sell, price is an all-important consideration and so is timing. While inventory levels may be up, as one broker recently said, "If you are looking to sell your home in the next year - with things moving as they are now - I'd recommend you get it listed soon. It may sell quickly; there are homes that do. But if it doesn't, do you really want to start the process later and have it take even longer?" As for buyers, well, as it was said in the beginning, there are opportunities to be had if you can act now.