It is April fool's day today, but the puzzling real estate statistics that I am looking at this morning are no joke. After a relatively strong last six weeks, our local market seems to be running out of steam - for now at least. We do need to keep in mind that we just finished spring break which often slows the market as both families and their Realtors take time off with their families. It is very possible that I will report next week and the market has really picked up steam again.
The results for the last week in the single family home market are quite soft. Compared to earlier this year, the total number of homes sold is down along with the selling prices. Compared to the same time last year, the volume of sales is now down 10% with prices off 8%.
The condo market has slowed down significantly. Starting a few weeks ago, we already saw the volume of condo sales start to peak and soften. That trend is continuing with the number of sales now off 19% compared to last year. However, the news is pretty good for condo sellers on the pricing side, with selling prices even with last year.
As always, where there is risk and fear, there is also great opportunity, for both buyers and sellers. Buyers can use a slowing market to look for the best deal out there. That doesn't mean that a low-ball offer is the way to go every time, though. What it does mean is that a few sellers will be more motivated than others. It is very likely that buyers who don't buy now will look back on this spring with longing!
Sellers also have an opportunity here. Many of the resale listings that you will be competing with are overpriced and not selling. Price your home well and you are very likely to find a buyer faster than you think! But, as I have said every week for the last few weeks - pricing is key! You need to price your home well to attract buyers who are feeling a little less motivated right now.
Good luck to both buyers and sellers. No matter what side of the fence that you are on today, you can definitely gain from this softer spring market and that's no joke!
Here are the stats from the last 30 days:
Over the last 30 days, 246 single family houses were sold, down by 15 houses from last week. The median price is down $7,500 to $517,500. The average house was on the market for 34 days. In the same time period, 116 condos were sold, down by 0 condos from last week. The median price is down $3,300 to $269,950. The average condo was on the market for 56 days.
There are now 1,943 houses for sale, down by 17 from last week. Condo inventory has fallen by 55 to 889 suites. If inventory continues to drop, we could run into a shortage of good listings, which will push prices upward.
(h)(s)
