After Lenn Harley'scomment on Part I of this topic I decided to do more digging. It seems that after getting some information from builders on the new construction market I decided to dig into the "Big Picture".
Well, we are definitely turning the corner considering that last year we got up to 12 months of inventory on hand going by our absorption rate. Just looking at our gross numbers across the Triad of North Carolina I definitely believe that the window of opportunity for a "Buyer's Market" is definitely starting to close. No matter what the media says the numbers don't lie. Our new contracts in just the last seven days are 246. That is including today being Sunday morning which most admin people don't work. OK now go thirty days back and the new contracts total is 753. Now to address Lenn's very excellent point that OK we have new contracts but, how many make it to close. First off with the lender's tightening up their qualifying rules and the majority of sellers not taking any contingency contracts the average number of closings for 30 days going back 90 days to get an average is 718. Using the average number of closings that puts us at below 7.5 months of inventory on hand. If we continue this trend we need to remember that not as many homes are coming onto the market since just about all builders have stopped construction. So we should be getting closer to a "Sellers Market" inventory level soon. Even if the builders jumped back in and started back up there would not be any inventory really hitting the market for at least 90 days.
I for one am splitting my time with buyers and sellers. I had over a year ago shifted my focus more towards buyers. Guess what looking ahead maybe looking both ways and then maybe back towards my sellers soon. Either way I am not slow and it is busy. Spring has sprung and so has our market. I also think that despite the foreclosures we will start to see the average price of homes sold rise also.
Well you know what all this means don't you
It maybe time to break out the Tutu and do the HAPPY DANCE!
YOOHOOO!
The Author:
Larry is a Greensboro Residential Broker, CARTUS Certified Relocation Specialist, Previews luxury homes trained, SRES & CHMS who can assist you with the purchase and/or sale of real estate in the Piedmont Triad Area that include but, not limited to Greensboro, High Point, and Winston Salem, NC. If you're relocating to or from any other area of the country, Larry connects you with a member of our national team of relocation specialist in your destination or exit city of choice. The destination service is of no cost to you! The Coldwell Banker Triad's service guarantee puts us way ahead of the competition by providing customer service that is equal to none. Your complete happiness is our top priority! Larry Story - Coldwell Banker Triad Realtor's - 336-327-1841 also at http://www.storybookhomes.ws
Copyright© 2009 By Larry Story, All Rights Reserved...
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