The market in July has had its ups and downs. The following information is based on MLS data comparing July 2006 to July 2007. This is just a snapshot, but it will be a good indication of where the market is.
On the up side are listings (up 10%). Also on the upside is the average listing price which is now $255,226 (up 25%). Also up is the closed listing price which is $288,371 (10%). But the actual average selling price is $274,000 which is up 25% over last year.
Pendings are down 20%, but the listing price of those pended is up 20% with the average being $291,604.
The market continues languish with expired listings topping the 1000 mark for the month of July. This is up 40% over last year.
So we still have a high inventory but with an increase in average sales price. Properties that do sell are taking over 112 days to close.
We will have to watch the trend further to see a clearer pattern. Mortgages have thrown a wrench in the equation and until that is corrected, I think any prediction at this point is just a guess.
Saturday, August 25, 2007
Monday, August 13, 2007
Shifting Market Closes in on Asheville
You can't be isolated forever. We are now officially in a buyer's market. While nowhere near other parts of the country, the downturn in sales has hit Buncombe County to the tune of 12%. However, Average Sales Price continues to rise. You can look at the numbers several ways, but it is at best flat and at worst down about 20%. New homes continue to sink as credit tightens its noose around the buyer's neck. It may be back to creative financing, with the seller taking back a second, or buying down the rate to the buyer can qualify.
Sellers need to ask their agents what are you doing differently to market my property. How about an Auction, or Ebay, to name a few ideas. Creativity is the name of the game as is correct pricing. Look for experienced agents who have the best record for pricing and who have new ways to market your property.
No one know how long it will continue, but be sure that the credit markets have to come back before the market does.
Michael
Sellers need to ask their agents what are you doing differently to market my property. How about an Auction, or Ebay, to name a few ideas. Creativity is the name of the game as is correct pricing. Look for experienced agents who have the best record for pricing and who have new ways to market your property.
No one know how long it will continue, but be sure that the credit markets have to come back before the market does.
Michael
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