Monday Morning Real Estate Update 4/9/07
Good Monday Morning!
After a cool and breezy Easter weekend it looks like more of the same for the balance of the week. Oh well! Spring will return!!
Home sale statistics are in for February and there was a slight improvement. The home inventory level dropped from 5.6 months to 5.3 months. This is good news for home sellers if this trend continues. The same time period for 2006 saw an inventory of 3.4 months. The dividing line between a buyers and sellers market is 6 months of inventory. The market here is continuing to hover very closely to becoming a true buyers market. The average time on the market for a single family residence is now 74 days and that is in contrast to 58 days for last year. Interestingly enough, the average home price continues to increase and it was $253,800 which is up from $242,700 last February. Pending sales, which are the homes currently under a sales contract declined 2.7%, while new listings on the market increased by 16.4%.
Don't look for any significant changes over the next few months other than the inventory of homes should steadily increase as we move towards Summer. It is a wonderful time to purchase a new home.
Have An Awesome Week!
AND HERE'S YOUR MONDAY MORNING COFFEE!!
Sincerely,
Galand
