Do You Know Whats Happening In The Market

The real estate market is one of constant change and since the rebound of 2008, our local activity has taken a unique shape.

Here’s a few fast facts to consider if you’re in the market to buy or sell:

• In March the Median Price of a home was $149,750 which is up from last year by 3.3%

• Nearly half (48.6%) of all homes sold were between $100,000 and $199,999

• Active listings on the market were 780 homes

• Closed Sales saw an increase of 6.1% to 368 Homes

• The average home takes 87 days to go under contract and close

• If nothing else came on the market, it would take 2.4 months to sell everything.

Interesting truths we must deal with:

1. It is a Seller’s Market for most active homes on the market but if you are selling your $500,000 to $1,000,000 Home, there is a lot to chose from and it is more of a buyer’s market.

2. Active Listings on the market have not increased the way we are used to seeing them do so during the spring. This will cause more of a demand in many price ranges and we will likely see higher priced properties begin to be absorbed.

3. If you’re a move up buyer, you’ll benefit the most as you’ll sell your home in the $200,000 range for maximum price while the $400,000 range is willing to negotiate due to the competitive landscape.

4. There are less homes on the market than there are REALTORS in the business. Be sure to do business with someone who can help you get the most for your home. Don’t just depend on the “Hot Market” to deliver the highest net proceeds.

5. Consider working with a REALTOR regardless of buying a new home or a resale. Builders are charging more for their homes now than ever due to demand. Let us work for you to make sure you’re selecting the highest quality builders in town.

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