Single Family Homes Update
Well, it finally appears that Spring is here and with it a surge in the local Real Estate market. What kind of surge you ask? The surge is in the number of homes on the market. There are now 701 single family homes for sale on the MLS ranging in price from $98,000 to $7,550,000. This is actually a good number as long as sales each month support this.
Over the last three years (2008 to 2010) there were an average of 60 single family home sales in March. There were 49 single family homes sold in March 2011 which is 7% of the listings. That means that if no more homes come on the market it would take about 14 months to sell them all. Therefore, the number of sales in March does not support the total number of homes on the market. The median sold price for single family homes in March was $335,000.
Condos and Townhouses Update
There are now 401 strata homes for sale ranging in price from $59,000 to $1,499,000. Over the last three years (2008 to 2010) there were an average of 31 strata sales in March. Sales for March 2011 were 30 or 7% of the total strata on the market. Very similar numbers to the last three years.
Median sold price for stata during March was $206,500.
What do I think is going to happen in the Real Estate market this Spring? Well, let me tell ya…
I expect MLS listings to rise until they peak at around 850 single family homes sometime in June. I expect that single family home sales each month will languish in the 7 to 10% range. For condos and townhouse I expect similar low performance.
This means that Buyers are again in the drivers seat. If you are a Buyer you have lots to choose from, although be careful not to miss the cherries, because those go fast, sometimes in less than a week!
For Sellers, all you can do is price your home at the bottom of the market, stage it perfectly, have an awesome Realtor to market the heck out of it, and pray for a motivated, qualified buyer to come along one day this Spring.