In some respects. (How's that for a "waffling" answer?)
As we all know, real estate markets are local, So, I can only speak about my area (east central coast of Florida). What we have here is increasing sales and falling prices. The year-over-year sales have been increasing each month for about a year and a half. However, one of the reasons the sales are increasing is that the prices have been continuing to fall, and have been for five years now.
Not only did the falling prices begin around five years ago here, but at that same time, I remember noticing that the inventory had become flat. It didn't increase, but it didn't decrease either. The inventory remained the same until early last year, when it finally started to drop.
Now that the tax credit incentives are gone, it's anyone's guess what will happen next.
All the best,
Maggie Hawk, REALTOR
Watson Realty Corp.
A total of 214 contracts have closed in the last 6 months with an average sold price of $191,758. Breaking it down, we notice that the $100K - $150K price range contains the highest number of sold listings. Alternatively, a total of 298 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 $100K - $150K price range has the highest number of off-market listings at 57 properties.
You might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for an average of 163 days. Analysis of sold properties for the last six months reveals an average sold price of $191,758 and 147 days on market. Properties in the $0K - $50K price range have sold quickest over the last six months. The average sold price for the last 30 days was $175,648 with an average DOM of 134 days. Since the recent DOM is less than the average DOM for the last 6 months, it is a positive indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
The average list-to-sales ratio for this area is 93.7%. Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property. Analysis of the absorption rate indicates an inventory of 14.4 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.
2010 has definitely been better than 2009 in Dallas/Fort Worth. But, we know that other parts of the country are still not doing as well. And, their continued sluggishness stalls us out in some areas. Demand for leasing is still high, and I don't see that going away for at least another 2-3 years.
Lending is still way too tight, and good people who should be able to get a home loan are being asked to come up inordinate amounts of cash in order to qualify. And, some lenders don't want to be targeted for denying home loans, so they just tie the loan processing up in Underwriting and ask questions until the buyer goes somewhere else. It's left us a little gun-shy, to say the least. Better - yes. Back to where the agents may actually be able to predict the outcome of a home loan application? Not even.
Thanks for asking. Have a blessed day!
From July of 2009 to July of 2010 I had my best year ever. It has slowed a bit since July for me, but I'm not losing hope. I have five listings, four buyers, I am about to sign a two new listings and have a buyer agency appointment tomorrow. It is really anybody's guess right now, but I'm going with YES!
...will watch with interest for other comments.
Unwavering Commitment to Service
For 2014 (January 1 thru June 30, 2014) 1st half...the Kerrville MLS shows 507 Total sold properties.
Todays date is 7/29/2014 so I figured I would show first half of this year compared to fist half of last year.
Yes I believe the market is picking up, and the prices seem to be on a slight upward trend.
America Homes and Ranches