Inventory levels shot up in April, but didn't break any records or shatter ceilings, which is good. Slightly behind last years inventory count and 200 behind the current April inventory leader, 2009. Out of the properties on the market, out would like to know the stale to fresh ratio.
Remarkably, average sales price made an aggressive comeback in April. Would have been nice to see what impact, if any, sales prices remained down for a few months. I have a feeling that the other two reports would be noticeably impacted by the change.
Wish there was something more positive to report with regards to this statistic, but the truth of the matter is that things looked pretty grim for the month of April. A Record breaking sales slump, and 332 less then the current leader, 2009, the void of active buyers is really starting to take its toll on the city. Competition to sell runs rampant, with agents and marketers alike clambering to get that edge over the ocean of comparable listings. We know the three biggest words that sell real estate are "location, location, location", but rumblings and whispers are starting to chant a different slogan..."price, price, price!". Regardless of location right now, buyers are afforded the opportunity (for the most part) to view all of the listings on their list, revisit as many times as they want, then leisurely make an offer, most times, below the belt. If price is not a factor, then clearly we have a problem with the ebb and flow of people moving too and from our city. According to some articles that I will post tomorrow, that is a very realistic happening aiding in our resulting trend.
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah