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Hot Or Not? – Depends On Your Price Range
We MUST Be Allowed To Celebrate!
Warm weather, green grass, flowers and trees beginning to bud… Spring is REALLY here! I even put my winter coat away today. But what does that mean for the real estate market this year? Well, for me it means that we can finally turn our attention towards the business of selling homes…
Just don’t try and compare things to last year.
There is no doubt that part of the real estate market is very active. In fact, if you look at the price point under $200,000, you had better be prepared to move quickly to see homes if you are a buyer. These homes are selling within hours in many cases and in fact, it’s the only price bracket that is selling all of its inventory in less than 1 month. But unlike last year, sellers that turn into buyers of the upper price point homes are finding that they are not having move at the same pace of panic. The graph below tells the real story from $200,000 and above. In fact, the $200,000 to $300,000 range had more homes to choose from than the $0 to $200,000 price range combined. The graphical representation of this data is at the bottom of this page labeled “Months of Inventory by Buyer Pool and Price Points”.
Monthly Market Snapshot as of April 30th
(Click Graphic To View Full Size)
6 out of 10 of all homes for sale (Single Family, Condo-Townhome, Acreage) are pre-owned homes. Back on April 30th of 2009, there were 5,615 homes for sale and still right around 1,291 new construction homes on the market making up 23% of the new homes for sale.
2018 Year Trend Reports
Active – Pending – Sold – Balance of the Market
Compared To 2017
(Click Graphic To View Full Size)
What is different about 2018 so far? At first glance one would say that home inventory is on the rise, but in actuality, Sale Pendings are falling behind simply allowing the for sale inventory levels to appear to be rising when in fact, they just aren’t selling. In truth, there have been virtually the same number of homes added to the market since January as compared to the same period just a year ago.
Months of Inventory by Buyer Pool and by Price Points
(Click Graphic To View Full Size)
Home Inventory and Pending Sales Compared Over Time
(Click Graphic To View Full Size)
This final report doesn’t get the attention is deserves. It is a great comparison of home inventory and pending sale counts from April 30th of this year compared to different time points in the past from yesterday, last week, last month, last quarter, etc all the way back to 9 years ago.
~Les Sulgrove, Broker
VIA Group REALTORS
If you are interested in selling your home or purchasing a home, give me a call! I will help you determine your best strategy based on your local market data.