The best that can be said about last year is it’s over! Condo sales were up 32.7% from 2008, which was an abysmal year for sales. The 3,859 re-sale condos sold last year matched the 2007 number of 3,845, but is still a far cry from the 6,000 plus condos sold in 2004 and 2005.
The median price dropped 26.4% from 2008. The good news in all this is that prices bottomed out in the first quarter and started strengthening the last nine months of the year.
The year ended with inventory at its lowest level since January 2006. Other positive indicators as we start the new year include: Days of Inventory, which is how long it would take to sell all the homes on the market at the current rate of sales, ended the year at 51 days. We have to go back to the boom years of 2004 and 2005 to see numbers that low.
The sales price to list price ratio, or how much a buyer paid for the home compared to how much the seller was asking, was over 100% for the last five months of the year. When you see that happening, it means there were multiple offers.
Buyers are out there, but they’re looking for bargains. Which begs the question, what is a bargain?
A deal has nothing to do with the sales price to list price ratio. Remember, you are going to have to live in that home and that neighborhood. The most important thing is to find a home, in a neighborhood, you want to live in. If the house is fairly priced, make an offer. But understand, if the house is fairly priced, or even a little under-priced, and it is a good house in a good neighborhood, there will be multiple offers. If you find such a home, you can't hesitate.
It is endemic among buyers that the deals are in bank-owned or short-sale property. But, banks have the property appraised before they put it on the market, and they price it at, or just a little below, market value. Which is why we’re seeing multiple offers and prices going over asking.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.
These statistics are generated using information from the MLSListings Inc. MLS, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.
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