Monday, April 20, 2009

Northwest Valley Market Stats

I've been reading quite a bit lately about the accelerated pace of sales, and how the market *may* be improving.  Taking a look at the numbers this morning bears that out - the numbers look terrific compared with 3 and 6 months ago.  That being said, I'll stand by my earlier comments about the market being driven by bank-owned properties: we're not seeing a recovery for regular sellers, but we are seeing a cleansing of the bank-owned inventory, which is a required step in the recovery process.

Here are the numbers for the Northwest Valley, sliced and diced for your review:

FlexMLS chart 0409

As you can see, the numbers are very strong at the lower end of the pricing scale, where most of the bank-owned properties are listed.

All that being said, be wary when you see or hear "one number reporting", such as "The 4.1 month supply of housing in the NW Valley represents a clear sellers' market." 

Using these numbers to your advantage:

Buyers - you're going to have more leverage to negotiate on the higher-priced properties, especially in the ranges where there aren't any sales at all.

Sellers - if you're willing & able to compete with the banks' prices, you should see an awful lot of activity, and possibly even multiple offers!

Your slicing and dicing like a prep-cook Realtor,

Chris Butterworth