by: Mari Takeshita
Looking at the real estate sales figures for Oct, 2013, the local real estate market continues to thrive even as we enter what is typically the slowest time of the year. The number of active listings continued their downward trend with a handful of fewer properties on the market this year compared to 2012.
Inventory fell 6% or by nearly 600 homes and condos from September to October 2013. All other market indicators point to a healthy market as well with under contract and sold listings experiencing double digit increases from 2012. This is typical this time of the year and will start to increase in early spring.
Also consider that the average property was only on the market 43 days! Of course this inevitably causes an increase in pricing with home values up 7-8% from 2012! Month over month, home values remained nearly flat which isn’t bad considering the time of year. A nice home or remodeled home is still selling in a day or two and you will want to be aggressive to preview those homes quickly.
However, the average property is still selling at 98% of list price! A nice or remodeled home is still selling above market and they are appraising for that too. Discuss the market place with your Realtor and be open to the advise given.
Hope to wish you well and that you will be in your own “home sweet home” in 2014