It's October 1 and we've officially entered the last fiscal quarter for 2007. What an exciting year in real estate again. Dramatically different then 2006, and I can't wait to see how the rest of the year unfolds and 2008 begins.
Penhold historically has been somewhat quiet in comparison to the neighbors. 2007 is year best characterized as people on the move year. Perhaps it is because in 2006 we had a shortage of listings which created price increases weekly if not daily and the list price was often the starting price with many buyers bidding on one home over another.
This year, 2007, more people are looking at that increase in equity and using it now to move up pr downsize. Seller's can move with confidence that they have some where to go where a 2006 for some there was a level of fear that they would not find a suitable replacement.
2006 January 1 - October 1 there was a total of 30 properties that sold. The median list and sale price for single family homes were both $229,900. By comparison 2007 from January till today October 1, there has been 45 properties sold this year an increase of 50%. The median list price so far this year for single family homes is $279,900 and the median sale price ytd is also $279,900. A nice generous increase from 2006 of 21.75%.
Although it may be a competitive market to sell your home today than 2006, there has been growth, and an increase in movement. If your selling today be prepared to be price competitive and settle in for a longer listing. If your buying, you have tremendous amount of selection than ever before. Buyers have the luxury of picking and choosing features on their wish list as well as they have power to negotiate. Something that was lacking in 2006 for buyers.
Contrary to recent headlines indicating that house prices have taken a 10% decline, all indications are that prices are holding strong and steady. The average sale price for the last few months are as follows:
For August and September: $285,425
For June and July 2007: $274,583
and for May 2007: $281,050
I combined the stats into 2 month ranges due to small sample sizes. With 3 reported sales and just 1 in September for single family homes it makes it challenging to convey accurate reflections of the market.
The biggest market stat that I'm presently watching is the number of listings versus sales. In September only one single family home sold while as of this morning we have a total of 15 active listings. With 8 of those joining the market in September. To make a move in the final quarter my opinion is that sellers need to be price competitive and informed, while open to all marketing suggestions from their Realtor.
Your friend in Real Estate,