Well, we have all heard the government say how the housing market was on the rise for the past six months
Latest Stats show that the number of sales have actually increased 26.16 %. over last year at this time.
Could it be? Is that the light I see at the end of the tunnel ? Not yet, but we are defiantly on the right track.
Here are some other encouraging statistics for St. Clair County Housing:
New Pending Properties ( Properties that have contracts on them and are just waiting to close) rose 62.60% over last year.
List/ Sell Ratio ( How many homes listed vs. how many actually sold) increased slightly to 91.5%.
This tells us that, if you listen to your realtor about Price Positioning, your home will sell !
POP QUIZ
I am going to give you a few more statistics and I want you to shout out loud if you think it is a "Good" or " "Bad" thing. Alright, Here we go :
1. Median Price ( The average price of homes) went down 7.92%. from last year.
2. Number of Sales up 26.16%.
3.Original List Price / Sell Ratio ( what it was originally listed for vs. what it actually sold for.)up 1.9%.
4.Sales Volume up 16.17%
5. Average days on the market are up 4.6% ( From 195 to 204)
The answers to these questions can be manipulated to sound both positive and negative. However, It is my opinion that , when you digest the numbers in their entirety, then you have no other option then to lean towards the negative. Here is why...
-The sales VOLUME is going to be up because we are still going through the vast inventory of Short-Sale and Foreclosed homes.
-New Pending Properties will also be up due to the increased interest and sales in the distressed properties.
- List to sell ratio SHOULD very high because we are having to lower the price of the homes so low to compete with the distressed properties.
- # of sales will be higher due to the volume.
- The average days on market % is a KEY indicator on how our market is doing. The fact that it has risen 4.6% could mean one of two things
1. The distressed homes are dwindling and buyers are holding out to see if any more "GREAT DEALS" will come out in the near future.
OR
2. Sellers are STILL too high for their individual markets.( in which case, the realtor needs to do a Comprehensive market analysis again to see where you need to re-position to fit the market.
There you have it .. My professional opinion ( for what that is worth) of the existing housing market.
The "Take-A-Way" from this article would have to be .. Loosen the reigns, but do not let go. we are still in for a bumpy ride.
Thanks for reading
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