Well, once again the Monday memo on Wednesday. Suffice it to say, I’ve been busy lately.
This week is almost identical to last week. Pendings are up but closings are down. Most of the pendings will turn into closings within a few weeks so that column should rise.
Total listings continues to rise. The median price for the inventory on the market went up this week by $100. It’s been hanging steadily around $240,000. That is important because the median sales price for the year so far is exactly $200,000.
Obviously, a lot of those houses that are on the market are just not going to sell anytime soon. Houses priced in those higher price ranges have to be VERY competitive because they have to beat out a lot of competition to attract the buyers.
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It’s also instructive that there have been 341 sales of single family homes so far this year. Last year there were 442 sales in the same time frame and the year before that there were 548.
Although prices haven’t dropped much, it’s still more of a buyers market than a sellers market because buyers have more to choose from and can shop until they find exactly what they need rather than grabbing something before someone else does.
It’s not a screaming buyers market however. In the $200,000 price range the houses are still selling fairly quickly. Its when you get above $300,000 or $400,000 that the activity drops dramatically.
We sold several houses in the high $300K range lately. They were all priced very competitively and in great condition. They had to beat out many other competitors to find a buyer so the sellers did what it takes. It takes a good price, but it also takes good staging. A house has to look good when a buyer drives up, and it has to look good when a buyer walks in. Within 30 seconds after a buyer walks into a house you can tell if they are interested or not.
So sellers, make your presentation a good one! Call me for some further ideas on this 907 232-7900.