New listings in our market place have just dropped to a year low! They have dropped 19.09% since this same time last year. What does this mean?
This means that we need more good inventory on the market! Houses that are priced right, show well and are in good locations are selling!
For example, our office just listed a beautiful home for $269,900 (which was on the higher end of an acceptable list price for the property) and it went under contract in 48 hours! The average sales price to original list price percentage has actually increased by 1.78% to 95.3%, which is most likely due to the lack of inventory. Remember, it has a lot to do with supply and demand!
With interest rates as low as they are, Buyers are out there! With the lack of inventory, Buyers are having to act quicker and make better offers to secure the home of their dreams! If inventory stays as low as it is and more Buyers continue to enter the market place, you will begin to see prices stop dropping, begin to even out, and eventually with the same scenario, begin to increase!
Here are other statistics for the month of October:
STAFFORD MARKET STATS
|New Pending Sales||159||130||22.31%|
|Median Sales Price||246,000||263,550||-6.66%|
|Avg SP to OLP Ratio||95.3%||93.1%||2.31%|
|Days on Market until sale||63||70||-10.00%|
|Detached Units Sold||98||91||7.69%|
|Attached Units Sold||25||23||8.70%|
|Sold Dollar Volume||30,844,379||30,742,888||0.33%|
|Avg. Sold Price||250,767||269,674||-7.01%|
|Avg. List Price for Solds||255,140||271,563||-6.05%|
|Ratio of Avg SP to Avg OLP||95.3%||93.7%||1.78%|
|Attchd Avg Sold Price||151,375||157,965||-4.17%|
|Detached Avg Sold Price||276,122||297,909||-7.31%|
|New Under Contracts||75||82||-8.54%|
Closed sales were up, new pending sales were way up, detached and attached units sold increased and days on market decreased by 10%! These are all important and exciting statistics!
And please don’t let the holidays fool you! Our market is BUSY and interesting things are happening around here! If you are considering selling, it is time to get off the fence and consult a professional to give you advice on your individual situation! If you are a Buyer, take advantage of these historically low interest rates and get on out there. Now is a great time to start looking for a new place to call home!
Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.
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