Monroe WA Real Estate and homes for sale. Don't believe the media hype!
We have all been seeing stories in the media about how slow the housing market has become, how the housing prices are dropping, and what a buyer's market it is.
However, in our part of the country, most of this is not true. The fact remains that while there are more homes on the market and they are taking slightly longer to sell, the market is not nearly as bad as the media would like you to believe.
I personally believe what we are seeing is a NORMAL market for Monroe real estate. Monroe area homes for sale aren't being snatched up in the first few days and they are not selling for more than the list price.
I think many people (including the media) thought that our past HOT market in Monroe was normal.
,As the following numbers will show.
Area Market Statistics
Monroe homes sold in Aug 2007: 31
Average Market time: 57 days
Average Sale price: $361,514
Number of foreclosures filed in Aug: 10
Monroe homes sold in Aug 2006: 44
Average market time: 63 days
Average Sale price: $336,586
Number of available Monroe homes for sale now: 225
That equals a 7.25 months supply of inventory.
With an increase of nearly 8% in Average sale prices for the past year.
Most agents believe that an inventory of less than 3 months is considered a sellers market,
Inventory of 3 to 6 months is considered neutral, and inventory over 6 months is considered a buyers market.
While we are barely over the 6 month inventory range, prices are still climbing. There are some areas in the country where the inventory is nearly 12 months.
We would like to also let you know that we have seen in increase in buyer activity over the past few weeks as more buyers are beginning to search for homes.
If you are considering buying or selling a home in Monroe or other nearby areas please give us a call.
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