Market showing signs of recovery? | Let’s Get Real Estate | March

Dear Jan:

Our neighbors just put their home on the market. It has already sold with a full price offer. Is the market improving in our area?

TE

Dear TE:

Congratulations to your neighbor. It is exciting when a home gets sold right away.
Of course the poor seller always asks their broker “Did I list it for too low of a price?” The answer is probably “No.” Had it been listed higher, they may have had no showings and therefore no buyer.

All sorts of things play into getting an offer right away like price, condition, location, and having the right broker. Pricing the home right is critical to getting the home sold. A fellow broker often says “Do you want your house on the market, or do you want your house sold?”
If you want it sold, price it to sell.

In regards to our current market, I am seeing buyers actively seeking homes, and some of us brokers are happily writing contracts.
According to Trendgraphix our (Kingston, Hansville, Indianola areas) inventory is shrinking. One year ago there were 127 homes on the market in January. This year there were 72.

The number of pending is the same, 10. And the number of sold homes stayed the same, 10. Last year the months of inventory on the market in January was 12.7, this year, it is down to 7.2. The average sold price has moved up.  So has the median price.  Days on the market has increased a bit but is down substantially from July, which had the year’s high number.  (To get a Trendgraphix Report contact your broker).
My opinion is that even though the closed sales have not increased, the inventory has gone down, thereby creating a demand. 

So when a home like your neighbor’s comes on the market and is priced right, it will move; there are buyers out there ready to buy.  My rose colored-glasses say that things are improving slow but sure.

Jan Zufelt is a broker with John L Scott Real Estate in Kingston.