The 4th quarter of 2013 did not exactly set any real estate records for buyers or sellers. In December we saw the inventory of new listings drop by more than 2,000 homes compared to November. A portion of that dip certainly could be due to the holidays. We also saw higher than average expired listings, cancelled listings, and sellers taking their home off the market. In the last couple of months we have gone from a sizzling sellers market into a fairly even balanced market and some areas are even now slightly leaning towards a buyer’s market.
The average list price is consistently rising and outpacing the increase percentage to the average sales price. This means that many sellers are trying to outpace the increase in the value of their homes and are trying to artificially inflate the market. This is also why we see the jump in expired and cancelled listings with some sellers “seeing what they can get”. It is crucial for potential sellers to ensure their home is in tip top shape and price their homes relatively realistic to their market if they truly want to sell their home at a competitive price. The average days on market is rising as a result of initial overpricing.
It’s definitely not all doom and gloom though, sold listings for December rose to 5,890 homes sold which is 700 above that of November. The average sales price also went up by another $4,000 to $ 248,026. The months of inventory of homes declined slightly which is the usual for the December time frame as most folks want to enjoy where they are for the Holidays and not be concerned with moving. No one knows exactly what to expect in real estate during 2014, but it is imperative you work with a Realtor who has their thumb on the pulse of the local real estate market. Compare these statistics with Novembers Market Report. Whether you may be interested in buying or selling a home, the Krone Team has the best personnel in place to help you accomplish your goal and take the stress out of the entire process so you can focus on one thing…..Your Home. Please call the Krone Team today at (602) 708-2073 for your free consultation and to see how we can streamline the entire real estate experience for you.