What has happened to Home Sale Prices over the last 2 years? | |
| The real estate market has had an interesting last few years due to interest rates at all time lows, high listing counts, government bailouts and tepid consumer demand. | |
| |
Average Selling Prices
Click Here to see graph»
The housing market has levelled off and remained below 2011 home prices. The median price for a Single Family Home is $592,000 down from $652,000 in Aug 2011. | |
| |
Active Listings - Sales to Listings.
Click Here to see graph»
Listings are at the 4600 mark which is lower than the 4950 mark in Aug 2011. This translates into more of a balanced market as the listings dropped and sales increased. | |
| |
What does all this mean?
Single Family Home Sale Prices are down 9.7% since Aug 2011.
Condo Sale Prices are up 1.5% since 2011.
Townhome Sale Prices are down 4% since Aug 2011.
If you are looking to sell your property you will want to do so with these facts in mind. There is currently more demand than supply so it will be important to price your home correctly to reflect the current makert conditions.
If you are looking to buy, it is important to find out what the current sales to listings ratio is. If there is 6 months inventory or more, that translates to a buyers market. Eg. 4700 listings/584 sales = 8.05 months of inventory.
Please visit my blog to find out more information and learn tips on buying or selling a home. http://newimagehomesales.com/
Arran | |
| |
