As real estate professionals many times we are asked about our confidence in the market place. Many factors are taken into consideration to find out if there is confidence. Any good real estate agent can determine this, infact they should drive it.
Why are most people selling their homes? What is driving the buyers to make decisions. What are the average sales, median sale and absorption rate? What are the interest rates and how accessible is financing? People need to live somewhere. What is the ownership verses rental percentages.
These are are factors that go into determining a market confidence.
RE/MAX IN MOTION MARKET REPORT
There is confidence in our Market place! There are more sales YTD 6.8.2010 than in 2009. We are seeing a slightly higher average and median sale price. The price per square foot went from $107 in 2009 to $110 in 2010. There is a slight difference in the Days on the Market in 2010 (DOM).
Ithaca is on track for a better year in terms of number of transactions, less time on the market and a higher average sale price, as of June 2010.
There are 766 active properties in competition with each other for the buyers. This will determine how the second half of the market performs. June and July are typically the months where most properties go into contract. The Federal tax program did bring many buyers to the table earlier this year than in other years. This will be an important fact to remember for future predictions.
The high end market is showing signs of active and confidence. For properties listed above $300,000, the 2010 market is currently at 75% of what the 2009 market did for the entire year. This market activity is most active statistically in the months of June and July, the very near future.
Most people are selling in our market place for normal life changing decisions like new opportunities, and life style changes. We are not seeing a huge foreclosure market or a turbulent value change that has driven sales in other markets. Buyer’s are seeing great interest rates locally and good conservative lending. There is a large range of properties available in all price ranges. The lower priced homes are absorbing at a quicker rate than anything above $164,000.
The rental market is seeing some slowing as in many cases the cost for a mortgage is about the same as it is to pay rent. Many people are exploring home ownership opportunities. There is simple no better time to buy real estate in the Finger lakes region of New York than right now.
Get ready ladies and gentlemen, our market is before us.
-Melissa Miller RE/MAX In Motion