Market Watch January 2014
Before we talk about 2014, I think this is an excellent time to compare the real estate market in 2013 to the previous year. My ulterior motive is that from virtually any perspective 2013 was a great year!
Unit sales in our market increased just over 10% from 2012 to 2013, while the median price increased 2.2% over the same time frame. While these increases did not improve quite as much as our statewide increases of 13.6% in units and 4.2% in median sales price this was still an excellent year. If you remember Market Watch from a couple of months ago, I pointed out then that the decline in unit sales and median prices was not as great as the state as a whole so I did not expect the increase to be as strong either. 2013 was the best year we have ever had in sales volume. This was the first time that F. C. Tucker Emge Realtors closed over $400 million in sales volume.
In addition to the increase in both homes sold and in prices, there was even more good news. Both days on market and the list price to sales price ratio also improved. Homes are now selling, on average, about 100 days after they are listed, down from 122 days at the beginning of 2012. The final list price to sale price ratio averaged just under 96% for all of 2013. Both of these numbers are sustainable and are good indicators of a stable market.
One statistic that is outside the normal range is the number of homes currently for sale. As of mid December there were 2,326 homes for sale in our MLS. This is the lowest number of homes on the market since May of 2005. The message here is that if you are considering selling your home, get it on the market now. The spring selling season always starts sooner than most sellers think. On average, buyers look for 10 weeks before buying a home. Since it takes 30-45 days for a typical transaction to close, buyers who will actually move in April or May are looking for homes online today. Don't miss the best time of year to get your home on the market, and keep in mind the most visited local website is FCTuckerEmge.com.
If you haven't already registered to receive email notifications of new listings in you geographic area or price range give me a call and I can help you register. You can even help friends or family find what they are looking for. Give me a call if you have any questions about our market or specific questions about the value of your home. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
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