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?
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