Real Estate Market Report
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Market Activity Index - 0.85 UP 15 points.
A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.
The Market Index jumped 0.85 from last months 0.70 - A year ago it was 0.41.
New Listings - 25 new listings, up from 29 last month. Last year there were 34.
Pending Listings - 23 listings entered escrow compared to 25 last month, and 15 last year.
Pending Ratio - 0.92, UP from last month's 0.86. Last year the ratio was 0.74.
Listing Inventory -74 properties, up from last months 72. Last year we had 102 listings on the market. Active listings continue to decline.
Sold Listings - 40 listings sold, up from 28 listings last month, and 27 the year before.
Absorption Rate is 1.9 months compared to 2.7 last month and 3.8 months last year. Note: a balanced market is considered to be a six month supply of listings.
Average Sales Price - $557,975, up from last months $565,610 and down from last year's $678,589 or a 19.0% drop.
Price per square foot -$335.18, down from last month's $320.82, and down 5.6 % compared to last year's $355.10.
Conclusions
The Market Index continues to remain high. Unit sales are strong, so demand is slowly outpacing inventory. Prices are beginning to show signs of stabilizing. Values appear to be bottoming out.
For buyers - this may be the bottom of the market
Interest rates are still low.
For sellers - preparing your home for sale is the key to getting the best price. Beware of appraisal issues, plan ahead.
Keith Sorem DRE #01374635
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Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change. |
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