Seasonal Round-up–or Did Anything Sell in 2014?

By Susan Fogel and Glenn Sandford

As the 2014 high real estate sales season winds down, it is a good time to see what exactly the market was like.  Here is a snapshot of this week in our office:

Three listings have offers working. By “working” that means that the offers are in the accepted or counter offer stage. Those homes are priced from $199,000 to $499,000.  The offer prices are starting at $125,000 to $350,000.

The crowd of buyers has thinned, but we are happy to say we are still hearing from potential buyers, and we have had many informational meetings with people that are just dipping their toe in the home-buying market. We offer a free consultation on lifestyle, neighborhoods, and things like medical care and activities to readers of Susan’s e-book, Margarita Mind. A good portion of these meetings result in an immediate sale, and some are seeds we have planted for next season or even the season after. The good news is that Boomers are still coming and looking for retirement/vacation homes to buy.

What exactly did our buyers have a hankering for? And how much did they pay? Before you take a look at our graph, let’s define terms again. It’s been awhile since we have posted statistics.

Sold: all monies have changed hands and the buyers have the keys

Pending: there is an accepted offer with a deposit in escrow and the closing process is underway

Active: properties on the market waiting for a buyer

Absorption rate: number of months it will take to sell all of the properties on the market if no new properties are added

DOM: (days on market): number of days the property has been on the MLS

List price: asking price of property

Sale price: what the buyer actually paid

Condos                             2014                       2013

Active listings                    57                             44

Sold listings                         17                             11

Pending                                25                             13

Average list price            268,600                265,500

Average sale price          166,800                156,400

DOM                                     332                          262

Absorption rate                 31.6                         23.7

Condo sale prices have risen only 7% over 2013 prices; there has been a 21% increase of the days on the market; it will take almost three years to sell all of the condos we have right now. That is almost a year more than last year’s absorption rate. We have had a few more sales (6%). In reality, the condo market is stable. The numbers tell a story, the slight increase in prices has slowed down sales. Sellers, listen to your agents. If you want to sell your property, price it right.

Let’s see how houses fared so far this year.

Houses                             2014                       2013

Active listings                    175                          123

Sold listings                        13                              14

Pending listings                17                             12

Average list price            329,500                307,150

Average sale price          201,700                171,600

DOM                                     348                          371

Absorption Rate               48.7                         43.8

Houses are stable to static, as well. There is about a 15% price gain; the days on the market shortened by about a month, but it will now take over 4 years for all of the houses on the MLS to sell if not another house is added to the inventory. Buyers are negotiating hard, and sellers that are actually accepting offers on their homes are toughening up, leaving emotions behind, negotiating, and being flexible.

In our company this week, we have three sellers that will soon be seeing their bank accounts bulge, and three buyers about to embark on their excellent Mexican adventure. Will you be the next buyer or seller with a big smile?