How's The Monthly Market?
- Inventory is down 6% from the same time last year
- Contracts are way down 60% from the same time last year
- Days on market are down 8% from the same time last year
- The percentage of asking price sellers are receiving is up 4%
- Total homes sold is up 19%
- Median price is up 7% from the same time last year.
The absorption rate, measured often as months of inventory is down to 2 months (this is active inventory divided by sold).
Rates have crept up to the upper 4's which is still very low but on a $500,000 house a 3/4 % increase meant that the buyer now had $15,000 less purchasing power than before. These rates staying low should have pushed more and more buyers into the market but they are still fearful of the overall economy. Some still believe that prices will fall but as you can see by these numbers that median is increasing and with rates risings buyers need to beware.
9 homes are under contract . On average, it took 40 before these homes went under contract but only two had a price reduction. That's a good sign! The homes that went under contract quickly were across all price ranges so it's not just a lower priced home that is considered a value. A well priced home will sell!
But interesting to note that only one high priced home is under contract and all the rest are just at or below the median price.
If you are considering the sale of your home, please call me to discuss the market
and how competitive your home will need to be in that marketplace!
Annual Wrapup ...
At a time of uncertainty in the world, there is a 2% increase in median price from last year. In fact most of the number are positive: days on market down 17% and the amount sellers got of their asking price was up 4%. The only number that could improve is the number of homes sold, which was down ever so slightly by 2 homes, a 1% decrease.
For anyone who bought in the 2007-2008 years it may be a little hard to recoup their investment but if the home was purchased earlier than that, you can see by the chart in the report below the appreciation is quite significant. Want to get that price? Keep the house maintained, do the updates necessary to be the next one sold! Buyers today want to walk into a home and have it ready - they are not interested in redoing everything so deferred maintenance often scares them away from the purchase.
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