If you want it in a sound bite: Inventory is much improved. Sales stink!
Here are the details of the Culpeper real estate market.
Year over year the number of houses for sale is down almost 20%. That's terrific news! There are now fewer than 10 months of inventory at the current sales pace. That's getting pretty close to what's traditionally been defined as a healthy market.
You can, of course, find depressing stats as well.
The dollar volume of real estate sold this November as compared to a year ago is down 44%. That's a substantial number. The number of houses sold is down 36%.
But the average sales price is only down 8% year over year. Not nearly so gloomy.
The average days on market has actually improved. A year ago it took, on average over 3 months to get a contract on your house. Now that number is 79 days.
What happens next depends on several factors, including:
- How many foreclosures are banks waiting to dump on the market?
- Will Europe implode and drag us back into recession?
- Will the unemployment numbers continue to improve?