These stats are as of 3/12/2010, which I know is a month ago, but they give a pretty good snapshot of the first quarter of 2010’s business.
Which has been excellent!
There were 988 listings on the market, whereas a year ago there were 1178 listings available. Fewer listings = low supply. What happens when supply gets low? If demand stays the same or increases, we see people paying a premium for what is available. That means it’s a seller’s market.
But, we can’t paint with that broad of a brush in this case. We have to look at the price points. In certain price ranges, we have low supply and high demand, which absolutely makes for a seller’s dream situation. However, the same low supply in a price range with little to no demand makes for a buyer’s market. Make sense?
The highest demand is for the lower-priced homes. As a rule, homes under $200,000 are selling at a pretty fair clip, because that’s the range people are buying in and there isn’t one available on every street corner.
That’s why the average sales price for a home is currently $185,847, but a year ago it was $180,177.
The days spent on the market is decreasing, too. Just by 4 days, but 4 days a quarter makes two weeks by year-end and that’s a 13% decrease in marketing time. How’d you like to be on your way to your new home half a month earlier than you thought? Pretty nice deal, I’d say.
[…] homes, the current supply of homes is all there is. Therefore, a seller’s market is created. Limited supply combined with regular or increased demand creates a situation where home prices rise. While this is good news for sellers, it isn’t for buyers. A balanced market is actually the […]