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Tuesday, April 26, 2016

Looking back at the real estate market…

The local Multi-List Service (MLS) that I belong to releases market statistics, usually almost a month after the fact. Below are the some of the stats for March 2016

March Monthly Highlights:
·         All MLS sales for the month were up 7.2% Y-O-Y, from 5,140 to 5,511.
·         The median sale price for All MLS sales was up 7.3% Y-O-Y, from $135,000 to $144,900.
·         Average Days On-Market (DOM) for All MLS sales was down by 2 days Y-O-Y, from 60 to 58.
·         On market inventory decreased by 6.3% Y-O-Y, from 19,413 to 18,197.
·         94% of the on market inventory is designated as non-foreclosures and 6% is designated as foreclosures. Last year, 93% of the on market inventory was designated as non-foreclosures and 7% was designated as foreclosures.

March Retrospectives – Based on All MLS Market Activity:
·         This month, March sales reached 5,511. Over the last 10 years, March sales reached a high at 5,857 in 2010. March sales reached a low at 4,079 in 2007.
·         This is the fifth year since 2011 that the March Median Sale Price increased over the previous year. This month, the March Median Sale Price reached a 10-year high at $144,900. Over the last 10 years, the March Median Sale Price reached a low in 2009 at $42,500.
·         This month, March DOM decreased by two (2) days to 58 reaching a 10-year low. Over the last 10 years, the March DOM reached a high in 2007 at 126 days.

So, what does this all mean and how does it affect you? The stats point to a tight real estate market in which home values are increasing and inventory is low. If you have been thinking of selling, these stats say that now is a great time to be on the market. It’s still important to have a good Realtor® to help you with the pricing and to get the maximum exposure for your property. The biggest mistake that I see is people getting too greedy and overpricing their homes.

If you are trying to buy, these stats tell you that you better be ready to move fast if you see something that you like and that you can’t afford to make low-ball bids hoping that you’ll snag a bargain. The market is especially tight in the Village of Milford, where homes are selling in days rather than months. You need to have a h good, strong mortgage pre-approval and be ready to make an offer without any contingencies, if you want to get the house of your dreams in the Village. I can set you up with a daily search to make sure that you always have the latest information about what is on the market. 

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