At this time of year it is to be expected that fewer homes will change hands. Most people, if they have the choice, are focusing on their families and are not out house hunting. But, if you do have your property on the market over Christmas, and you do get a showing, treat it with the utmost seriousness. I have found that buyers house hunting at this time of year are pretty darn serious, otherwise they would not be out there.
Because of the lower sales volume, the results can be skewed up or down more easily. For example, this week it looks like the prices of single family homes have dropped again. We’ve seen a softening trend for some months now so another drop is possible, but I’m going to try and not read as much into it with the current reduced volume. But, no matter how we analyze things, prices are about 5% lower now than they were at the same time last year. Seller’s need to take this into account or they will have a very difficult time finding a buyer for their property.
One point I would like to make is that inventory remains very high as we approach the end of December. Levels are currently 25% higher than they were at the same point last year. For buyers this ensures lots of choice. The opposite is true for sellers as this means increased competition. But, for sellers, there is a little nugget of good news hidden in there. Most of the older listings are simply overpriced and will not sell. This group of unsuccessful sellers have not taken into account the softening prices which means that each week their properties become a little less attractive to buyers. Most of the sales that we are seeing are newer listings from savvy sellers who understand the current market, and work with their Realtor to correctly price their property. Even though this is typically the quietest time of the year, there are still many properties of all types selling – as long as they are priced well. As a seller, it is your choice!
Over the last 30 days, 217 single family houses were sold, down by 18 houses from last week. The median price is down $13,500 to $526,500. The average house was on the market for 53 days.
