for access to spreadsheets, please see http://www.fredanlyan.com
Hello Everyone,
As I mentioned last week, June's accepted offers were exceptionally high.
Single Family Residences (SFR) for June had 291 accepted offers and 290 new listings. This compared to 212 accepted offers in '07 out of 304 new listings, and 226 with 387 new listings in '06. The ratio of accepted offers to new listings for SFR's was 100.3% in June, compared to 69.7% in '07 and 58.4% in '06. For Condominiums, the numbers were 93 new listings in June, and 97 accepted offers, or 104.3%, compared to 54 out of 101 new listings in contract in June of '07, or 53.5%, and 51 out of 116 new listings in contract in '06, or 44%. And the past two years are years we have been holding up as a former higher standard. Active inventory is still modest, and sales activity has picked up, a very encouraging sign.
Percentage in contract continues the small, steady advances we have been used to seeing recently. Overall SFR's just below a "balanced" market at 23.67% in contract, up about .3% from last week. The below $1 Million "starter" homes are up for the week, about .9% to 28.95% in contract. Homes between $1million and $3million had a slight dip in percentage in contract and still a "buyers' " market, while homes over $3million improved a bit but still considered a "strong buyers' " market at14.4% in contract. Sales activity for the week was about 28 units, compared to 34 units in 2007, cumulative sales total for the year to date is down about 30% at 801 units vs. 1145 at this time last year.
Condominium inventory actually dropped a bit, and percentage in contract increased again this week to 27.6% overall, and to 28.34% for condo's under $1million, although sales activity was very modest at only about 7 units for the week. YTD condo unit sales at195 vs. 305 at this time last year, and average sold price is $547,067 vs $636,734 at this time last year.
Market still trying to find its proper level but seems to be stabilizing at the lower end and may be turning. Proper pricing, preparation, presentation still critical and markets are segmented not only by city, but by neighborhood. Experienced local real estate professionals who know their markets definitely add value in the current environment.
More next week-----
Until then, best wishes to all,
Fred
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