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Real Estate Statistics 1/1/07-9/13/07 compared with 1/1/06-09/13/06
Posted at 11:15 PM, Sep. 14, 2007
All you hear these days is how bad the real estate market is and how it is only going to get worse before it gets better. Coupled with the Mortgage fiasco, most consumers are pretty scared about the real estate market right now. While compiling our local statistics for this month's newsletter, it became pretty apparent that our local market is also affected by the National trends, but only to a degree. The most remarkable numbers that I found were in the new homes market where there were 71% less new homes sold this year than last year. But the difference in the average price of these new homes was only 4% less this year.
In the single family resale market, the numbers were
less significant. There are 24% more new homes on the market this year with a 12% decrease in the number of closings, but
the average sale price ($343,773) is only down 1% over last year.
In a true "buyer's
market" there is an abundance of homes on the market and the prices decrease pretty dramatically. While we do have a lot
of inventory right now, about 19 months worth, the prices are pretty flat. Some price ranges are seeing more of a
fluctuation, but overall prices are not going down.
What is the best way to get your home SOLD in this kind
of market? You must be competitive in your price, you must have patience, and you home needs to "shine'" over the
competition. If you are thinking of selling your home and would like a Free, No Obligation, Comparative Market Analysis,
please give us call.
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