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Tuesday, March 5, 2013

Local real estate sales statistics

The real estate sales statistics for February are up on my web site - . There were more sales (15) in February this year than in 2012 (9); however, the average and median sale pr-ces are down year-over-year, as is the price per square foot and the days-on-market. So we have less expensive homes selling faster this year than last.

Check out the statistics for your area at the web site. there is 3 to 5 years worth of weekly sales data there, so you can chart the trends in your area. Overall in the 9 markets that I track, inventory is down, which has resulted in increasing sales prices and cost per square foot. The low inventory has resulted in bidding wars on some nice, move-in-ready properties. New build activity is up, again due to the low inventory of existing homes.

It is getting a bit frustrating for some first time buyers, especially those still tryingto buy that "jewel in the rough" fixer-upper. They are being outbid by cash buyers, mostly investors looking to do a flip or put the place on the market as a rental unit. It is very hard for the bank to turn down a cash buyer, especially when they offer to buy without an inspection. They makes it impossible for the normal buyer who needs to do a mortgage and can't take the risk of not doing an inspection (in fact, their mortgage company may insist on one anyway). 

I advise my would-be first time buyers to look instead at getting into a move-in ready home, even if it casts a bit more. The truth is, if they can't afford to do that, they probably can't afford to take on the burden of a fixer-upper either.

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