Posted by: Todd Long | November 6, 2008

Supply and Demand through October for 150,000k to 300,000k around Mooresville

Supply and Demand through October 150k-300k

You can click on the chart for a PDF version. 

I’ll tell you what I think we are seeing here.  We are up 11% from last year this time in number of homes for sale.  That number alone doesn’t look bad and it is trending down from a high in July.  Unfortunately we are down 30% in number of homes sold since last year this time.  I’m hopeful now that we are through elections buyers will show more confidence. 

Other markets around the nation have seen a spike in inventory due to high appreciation and buyers decided they were not paying those prices anymore.  Prices have been coming down in those markets but buyers still seem to be waiting.  Our situation is a bit different because our average sales price 2 years ago was $207,357 and today it is $219,789. 

All of this tells me two things for buyers:  Now is a great time to buy and prices probably aren’t going to get much better than they are now.

It also tells me a few things for sellers: If you don’t have to sell right now, don’t.  If you do need to sell then make sure you are priced better than your competition, staged and marketed properly.  Don’t price high and hope the market will come to you because it won’t for the foreseeable future.

Advertisements

Responses

  1. […] Market Trend report for October posted below.  You can read my opinion on where we stand. […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: