Tips for smart buyers and sellers - plus your weekly update

The “balanced” market continues for both single family homes and condos.  Although the volume and pricing seem to be fluctuating up and down on a weekly basis, the longer term trend continues towards stable or slightly softening prices and volume.  Normally we see a pick up in sales volume in September, but we have not seen that so far this year.  I believe that the generally lousy world economic news is putting a lid on local purchasing. 
 
However, it would be a mistake to look at the general trends when making an individual decision whether to buy or sell.  Whether you are looking at a resale or a new home, there are some great deals out there!  Smart sellers and savvy developers are adjusting their prices as necessary.  In fact, you could argue that it is one of the best times to be in the market as long as you do your homework and look for well priced properties.
 
If you are considering selling, this slightly soft market could be very good news for you too.  Keep in mind that we are seeing hundreds of properties selling in our local market each month.  There are lots of buyers out there!  When selling your home, your job is to work with your Realtor to make sure that your home is priced and presented to be superior to your competition.  Do that, and you are sure to find a buyer in short order.  If you miss the mark at first, adjust before your listing becomes “stale.”  In short, this is a time, more than ever, to rely on the expertise of a knowledgeable and trustworthy Realtor.
 
Over the last 30 days, 211 single family houses were sold, down by 21 houses from last week.  The median price is up $2,050 to $550,000. The average house was on the market for 40 days.
 
In the same time period, 120 condos were sold, down by 4 condos from last week.  The median price is up $3,450 to $273,450. The average condo was on the market for 54 days.
 
There are now 2,268 houses for sale, up by 35 from last week.  Condo inventory has risen by 8 to 1089 suites.