market overall, leaving 118 listings still for sale. The resulting pending ratio is 6.3% (8 divided by 126). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply of homes in Saline .
"Current inventory is described as somewhat slow." Taking a closer look, we notice that
the $200K - $300K price range has a relatively large number of contracts pending sale.
We also notice that the $300K - $400K price range has a relatively large inventory of properties for sale at 32 listings. The median list price (or asking price) for all properties in this market is $364,950. A total of 199 contracts have closed in the last 6 months with a median sold price of $279,000. Breaking it down, we notice that the $200K - $300K price range contains the highest number of
Alternatively, a total of 46 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed,
the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time.
The $300K - $400K price range has a high number of off-market listings at 13 properties.
I have the charts (cannot get them to display here) and absorption rates 734-669-0337.
Updated on 1/5/2014, Copyright Â© Kathy Toth & Team
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