January 2017

March 9, 2017
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# of Closed Sales: 9

Average Days on Market for Solds: 54

Median Sales Price: $245000

# of news listings: 3

Months of Inventory Last Month: 1

In January we saw very little activity in the market in the matter of number of sales and the median sales price is much lower than it has been in the past.  This is mostly due to the fact that we saw very few new properties added to the market and some listings that were getting stale finally sold. Part of the reason a lot properties took longer than what we’ve seen in the past year is that they were overpriced.  This is typical in a seller’s market where many sellers will overprice their homes in hopes of finding a desperate buyer or uneducated buyer,  this however was not the case as many of the properties that sold in the month of January only finally garnered contracts after price reductions, in some cases multiple reductions.  The average days on market was higher than it has been also due to the pricing wrong strategy and potentially because of inspections issues with an older home that went under contract and back on the market multiple times; this is only speculation as I do not personally know why this particular home fell in and out of contract multiple times.  The latter issue maybe because of an input error by the listing agent. 

Due to only 3 new homes being added to the market in January and there currently only being 8 homes on the market we are still very much in a seller’s market.  I do predict that we will see a slight uptick in homes on the market in the Spring season as well as an increase in median sales price.  Stay tuned for my February market update that I will post tomorrow!