December 13th, 2010 Categories: Market Updates
Here’s a snapshot of closed sales from June 1, 2010 through November 30, 2010. How did this compare to the same period in 2009, and what does this tell us about today’s real estate market?
Compared to one year ago, fewer homes sold in the last six months. However, the market was on fire in the fall of 2009 with very low inventory and the introduction of the first federal tax credit.
How Long Does It Take to Sell a Home?
In all price ranges, homes went under contract in less time compared to last year. This is a sign of a recovering market.
Are List Prices Realistic?
The more expensive the home, the higher the reduction. Still, price reductions in all price ranges were lower over the last six months compared to the same period one year ago.
So What’s the Prognosis?
Lining-up current sales activity to the previous year is always a good comparison. With Federal stimulus via the tax credit in the Fall of 2008, however, these comparisons require more consideration. I would initially say the drop in volume reflects a declining market. However, lower price reductions and fewer days on the market tell me our real estate market continues its recovery.
I would love to know what you think. Share your thoughts by making a comment.