Real Estate is one of the most challenging and exciting professions because it is always changing. Using data to interpret changes in the market may seem boring to some, but for those of us in the industry - we live by it. At CMK and Associates Real Estate, we focus on knowing what the current market is doing and where it is going. This is key allowing us to help our clients succeed in their goals.
In January 2014, CMK completed an extensive analysis of the last 10 years of our market areas MSI (Monthly Supply of Inventory). If you missed that article be sure to go to www.cmkandassociates.com and give it a quick read. There were 2 basic conclusions from the research:
1. The real estate market in 2013 saw its best year from any of the prior years since 2008. However it is still a long way off of pre-2008 levels.
2. The market is VERY diverse in the Greater Capital District / Southern Adirondack area. Some areas are much healthier than others.
Now that we are through the 1st quarter of 2014, how is the market looking for the rest of the year? Conclusion: 2014 looks to be very similar to 2013. This is GREAT news.
Every market area that CMK serves saw a decline in the number of closed sales in January, February and March of 2014 when compared to the same time frame in the previous year. This is not surprising due to the extreme cold and snow this year. The mild winter weather of 2012 had the opposite effect, and therefore caused a busy 1st quarter.
While the number of closed 1st quarter transactions were lower this year, the amount of new listings were also down an equal amount, causing the sale-to-list ratio to be nearly IDENTICAL from last year to this year. This is VERY GOOD news. Also, the number of closed transactions for the 1st Qtr for 2014 was still better than 2009, 2010, or 2011. 2012 was the anomaly due to the warm winter.
All these indicators are pointing towards 2014 being a repeat of 2013. Since 2013 was the BEST year in real estate since 2008, a simple repeat will be a welcomed outcome.
CMK is full speed ahead this spring with many exciting things. We have our new website up and running giving us a new look and many new features. Go check that out at www.cmkandassociates.com We also have our Speculator office moving to our new location and opening in May. Our new look to our magazine, new agents and added staff are also exciting new developments. If you or someone you know are looking to buy or sell real estate we look forward to working with you. CALL CMK TODAY!