Nothing like a snow day or two to get caught up on marketing and reports!
The first report completed today is the 2015 Annual Market Report which shows the data for sales for 2015 in all four (4) categories - Residential, Land, Multi-Family/Apartment and Commercial. As you will see, the RESIDENTIAL category is broken down into $100,000 price ranges. This is in an effort to give a more in-depth understanding of what is, and isn't, selling! It is obvious from this report that homes priced from $101,000 to $300,000 were the big sellers for 2015. Running a close third, surprisingly, were homes priced under $100,000.
What we found to be the most interesting tidbit involves the correlation between the Average Days on Market and the Original List To Sales Price Ratio. The category with the lowest Average Days on Market ($301,000-$400,000) had the HIGHEST ratio with 91.67% while the two categories with the highest Average Days on Market ($501,000 - $600,00 and $701,000 - $800,000) had the lowest ratio with 86.15% and 80.37% respectively. What does this mean? Simply, the homes on the market for the shortest amount of time sold for less of a discount. It is likely that those homes sitting on the market the longest were likely not positioned properly in the market. Therefore, the longer they stayed on the market, the more discount had to be given to generate a contract. This is a direct indication of why it is important to properly position a property on the market from the onset.
The second report is the 2015 Annualized Absorption Rate Report. If you're not familiar with "absorption rate" don't despair, it's just a different way of looking at market statistics. In a nutshell, Absorption Rate compares the number of properties currently on the market to the number of similar properties that sold during a one month period. For this annualized report, we have taken the total number of properties sold during 2015 and divided that by 12 to arrive at a monthly factor. This report also outlines the ranges for what is considered a Seller's, Buyer's or Balanced market. We're sure you will find this information interesting as well.
While 2015 was an outstanding year for real estate, 2016 is shaping up to be even greater! Not shown on any reports but a VERY important bit of information is the fact that YTD 2016 (which, at the time this is being written, is only 22 days) there have been 212 closings in our market!! An additional 211 properties have gone under contract and 356 new ones have been listed!
If you're thinking of buying or selling real estate please give us a call. We'd love to assist you in making your real estate dreams come true in 2016!!!
All The Best,
Bill and Cyndi
PS If you'd like to make sure you get our Monthly Marketing Report please drop us an email and we'll add you to the list!