02 Apr First Quarter is Done – What do we see?
It’s Spring…like most of the winter, It’s been Spring! This is usually the time of year we see a uptick of listed properties and buyers looking.
Let’s look at the overall market conditions in Homer and the surrounding area and keep it at a high level. I’ll try not to get too nerdy!
I pulled data and corresponding charts from the MLS, as well as talked to local mortgage and title companies, to affirm where I feel the market resides for buyers and sellers.
Let’s start with number of listings
From the above, we see a typical Q1 pattern for the area, although there were a few more listings than I expected in January.
Let’s check out List pricing to Sold.
Now, we have some unique data! First thing that pops up is the drop of sales prices at the end of last year. What even more profound is the spike of the average list price in the past month. There are a lot of new listings with the much higher listing prices. Doing a little digging, these are larger square foot houses and lots, and not an indication of house prices suddenly soaring. Some pretty famous homesteads/estates on the market right now.
Which brings us to this dataset
We see that Q4 and Q1 listings are selling slower than Q2 and Q3. Fairly typical. There is a pretty significant gap between original listing price to sale price. We’re talking on a $400k house a difference over $18k.
So, what does that mean for Sellers and Buyers?
Sellers: The higher listing prices vs. Sold is off quite a bit. Prospective buyers were wary of the original listing price. Many times, this can lead to higher days on market and decreased activity/interest in your property. It’s vital to take heed to the Comparative Market Analysis and your representative’s advice before listing.
Buyers: We are seeing a more balanced market on inventory vs demand. Look for properties that have been listed for a while. You might find a gem! You will also find some sellers that will not budge. If you have a property you MUST have, best to move on it now. I’ve seen a property in our office that sat for a long duration then get 2 offers in a day!
I can only tell you that as we see more inventory come onto the market, sales tend to go up! More bait brings more fish!
For either Buyers or Sellers looking for experienced guidance, talk to your local Realtor ®, preferably me!
Let’s Make Homer Your Home!
This article is the author’s opinion and does not represent the views of the author’s employer, organization, or other group or individual. Do your own due diligence and refer to the appropriate professionals for further assistance.
