For the week of September 22nd to September 29th 2011
Previous weeks stats in brackets
New Listings: 369 (371, 362, 419)
Sold: 127 (122, 128, 102)
Sale to List Ratio: 34% (33%, 35%, 24%)
Expired/Cancelled/Withdrawn: 113 (133, 154, 130)
Active Single Family Home: 3126 (3108, 3105, 3117)
Average Single Family Home List Price: $272,161 ($274,686, $272,990, $269,956)
Average Single Family Home Selling Price: $265,584 ($264, 723, $266,304, $262,839)
Average Days on Market - Single Family Home: 108 (96, 90, 92)
Active Condos: 375 (380, 378, 364)
Average Condo Listing Price: $305,329 ($251,913, $230,373, $258,120)
Average Condo Selling Price: $298,670 ($242,846, $224,953, $250,874)
Average Days on Market - Condos: 288 (124, 222, 149)
So the word of the week this week is Condo's. Not that many sold this week, but the fact of the ones that did sell are well above previous weeks prices and have been on the market for a lot longer. The lack of Condo inventory means lack of choices for buyers looking for the ideal home at the ideal price. With asking prices holding firm, the buyer in this situation has a few choices. Put the offer in at the price the buyer feels comfortable and see what happens, keep a constant watch on the market and snipe the first good deal closest to their needs, or re-evaluate the personal timeline and decide to pull from or invest in the current market. Unfortunatly some buyers do not have time on their side and must choose from the inventory selection.
Whats your thoughts?
Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah