Activity has definitely improved in the 2nd quarter over the poor performance of the 1st quarter.
Here are the main highlights:
- While it seems that the median sales price is rising, a closer look into the numbers reveals that instead there are simply fewer homes available in the under $300,000 range. With more homes selling in the half million range, it’s pushing the average sale price up. However, that’s NOT the same as prices are rising.
- There is still over 20 months of inventory on the market for our local area. A normal market is 4 to 6 months. We have 3248 properties for sale. Typically in a normal market we carry an inventory of about 1500. With double the inventory we normally have, you can see appreciation for our market is just not feasible at this time.
- Distressed sales have become such a small portion of our market, they are almost inconsequential. The real strain on prices is over supply of inventory with unmotivated sellers. Keep in mind, we CAN sell your home…you just have to be willing to accept the current market conditions. If you’re not serious about actually selling, taking your property off the market is the most beneficial thing you can do for everyone.
- Activity for May was way up from April, however year to date our number of sales is still down 5% for total units sold. Again, we suspect we will make this up over the summer and have a busier than normal summer selling season. There’s no financial gain to wait until the fall to list your home.
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