Sunday, July 8, 2012

How's the Market?

I'm frequently asked by people how our real estate market is. My question is why do you ask? What specifically are you wanting to know about the market? Below is an update on our local Leon County real estate.  I hopefully will answer your questions, if not, email me what you'd really like to know.

Prices-Single Family Detached Homes: Average sale price compared to last year this time:
NE: -3%                                                    
NW: -10%                                                    
SE: -11%                                                    
SW: +13%
Total single family detached homes sold last year this time: 1059, now 912.

Inventory
It has gone down, yet we still have a surplus of properties available, even though it may not seem like it. Considering short sales and foreclosures are a large part of our market, which the numbers are down since the beginning of the year but then our inventory is down. Short sales and foreclosures take up 30 to 45% of available properties depending on the price range.

Considering Selling?
Is now a good time to sell?  Depends on price range and neighborhood.  The first time homebuyer and investor priced homes can sell fast and with multiple offers. Killearn Acres (good school zones) has only 7 homes available for sale at this time under $205,000.  Of these 7, two are short sales.  Lack of availability of homes can make for a higher price and quicker sale.  Remember though the power of substitution, a similar home in a desirable neighborhood for a lower price.

What if I'm Thinking of Buying?
Consider the price range again.  Lower priced properties are more competitive because more buyers in that price range.  Yet look at the average sale price declines in the quadrants above.  Good purchases are still to be had.  Have we hit bottom?  Probably, overall in the lower price ranges, but even if we have not, how will you know where the bottom is? 

How's the Market?  I hope this helps answer some of your questions.

1 comment:

HcoRealEstate said...
This comment has been removed by the author.