We are all feeling the drastic change in our local real estate market. Is it a buyers market? Absolutely. Are homes selling? Yes. Does pricing matter? More than ever.
In straight numbers, single family sales and condo sales have followed the same pattern over the last 2 years. In 2013 to this time in May, we had sold 101 single family homes. In 2014, 64, and in 2015, 49. In 2013 to this time in May, we had sold 20 condos, 15 in 2014 and 13 in 2015. Sales are at 50% of where we were 2 years ago. At the same time, we've added historic levels of inventory, which means, with diminishing sales numbers, our absorption rate is dropping. In other words, the percentage of homes selling relative to what is listed, continues to decline. There are approximately 150 single family homes for sale today. At our current absorption rates, just 10% of those homes will sell, assuming no more homes are put onto the market than are sold. It's a tough market for sellers, which is why pricing is critical. Buyers are looking for the best value in their price range. There are exceptions, but the bottom line is this - be "best in show".