I knew that the longer I provided this information the easier it would be to get a feel for the general trends going on within our neighborhood. Today as I pulled data from the MLS system I noticed a couple of things right off the top.
The first is that the market isn't doing us any favors; it's as soft as ever and looks to be getting worse before it'll get better. From my last 5 weeks' MLS Activity charts, we've had 67 new Active Listings and only 28 listings go into Pending Sale status. Clearly this isn't helping the market change directions.
The second thing I see is there are some sellers out there who "get it." Homes are still selling, but the competition for buyers is fierce. If your home is staged well, marketed heavily, and above all else, favorably priced, it has a great chance of selling. Look at this week's number of days on market for the Pending and Sold homes – all are relatively short. Last week showed almost the same thing. I wrote more about this topic a couple of weeks ago – read my 6 Steps to a Successful Listing article here.
Active Listings – These homes are new to the market.
Pending Sale – These homes went into escrow.
Sold – These homes successfully closed escrow.
Price Changes – there were also 27 homes which reduced their price by an average of 2.8% last week.
Please note: These numbers represent a "snap-shot in time", but do not tell the whole story. We don't know by looking at these numbers, for example, the condition of a particular property, the owners' motivation for selling, or the property's lot location. We also don't know, without further research, whether any price shown here represents a good value. There can be many "soft" factors which contribute to determining an ideal price. If you have any additional questions or comments, want to see additional data, or want to know how all this information relates to your property specifically, please don't hesitate to contact me anytime.
- Chris Butterworth
[tags] MLS Activity [/tags]