I wanted to update the most recent market data for the area covered by the Toledo Board of Realtors. In the last couple of weeks, I have actually had several agents site sales of home that occurred 2-4 years ago as comps for home that are currently on the market. I wanted to summarize the changes in the market from this March over the same month the last two years.
We ended March of 05 with 6282 homes on the market. There were 1067 homes under contract in the month and 900 sales.
We ended March of 06 with 9604 homes on the market. There were 1027 homes under contract in the month and 970 sales.
We ended March of 07 with 10475 homes on the market. There were 953 homes under contract in the month and 692 sales.
The number of homes on the market represents an increase of 66% over 05 and 9% over 06. The number of under contract declined 11% and 7% respectively. The number of sales declined 23% and 28%.
What does all this mean as a seller?
There are still buyers out there looking to purchase homes. The home needs to be priced right for the area and condition and they will sell. Buyers know that they have power in the current market and will sometime make very low offers in hopes of finding a desperate seller. The best thing to do is to price the home competitively and hold firm on your price if you feel like it is priced correctly. If you can afford to shine and make repairs, take the time to do so. Condition and how the home are priced are keys to a strategy to get your home sold.