Although the housing market is not all doom & gloom, it has not been the pretty picture that was predicted by some this year. It looks like we are still sitting in a housing slump, but signs of life seem to be peeking around the corner. The positive side is for those buyers who haven't purchased yet--prices are steady, interest rates are at record lows, and the summer selling season is coming to an end which means sellers will be more motivated than ever. Here are some numbers to chew on.
Year to date, the median sales price is $151,000 compared to a 2010 figure of $147,500. The median list price has remained unchanged from the previous year at $159,900. The average sales price also jumped this year from $171,647 to $176,062, a 2.5% increase. So, prices seem to be leveling out.
August was a banner month for sold homes--191 this month versus 134 in August 2010. Although August was a good month for sales, overall the year has been slower with only 1190 homes closing compared to 1327 homes last year-to-date.
Year to date, the average days on market is up from 107 in 2010 to 123 in 2011, an almost 15% increase. The absorption rate (see this blog post for explanation) is up from 7.81 months in 2010 to 8.59 months this year, an almost 10% increase. So, it is definitely taking longer to sell the same house this year than last.
The inventory (listings available) is down from last year, which is a good sign the market is starting to stabilize. From year-to-year, it declined just over 7%.
JK
Source: Columbia Board of Realtors, MLS, Statistics for Boone County Residential properties
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