A Quick Real Estate Statistic Snap Shot:
There may be a couple things you notice about the graphs below. 1. The Active Average List Price (the blue one) is considerably high. This is the average price of homes currently listed that are available on the market. 2. The New Listing Price (the green one) is the average price of new homes hitting the market. Meaning that the average new home on the market is much less, than those homes that have been for sale. 3. The Sold Average List Price (the yellow one) Sold Average Sales Price (The orange one) are very close-actually- properties are selling within 97% of their final listing price. 5. The Days on Market for the average property has dropped considerably in the last year. It dropped from 65.7 days to 45.4 days on the market. That is a 33% drop in time. This usually indicates a speeding up of the market.
All of these market indicators give us a good idea of the health of the regional real estate market, but individual sales experiences vary. Due to our smaller valley size, our data is limited to fewer sales than many other more metropolitan areas, this leads to many people having much different experiences than the data would predict. For instance, one could assume, looking at the data, that a property listed for more than 45 days, would be willing to take much less for their price or would lower their price to attract more buyers. However, in our area, having a longer market time than the average is not uncommon, as much of our population does not have an urgency to sell their property. Many of our residents are retired or the properties are second residences. These types of sales do not have the urgency attached to them that a homeowner getting transferred for a job does. So, while the average market time is 45 days, it does not necessarily mean that all homes listed for longer are going to be more negotiable.
There may be a couple things you notice about the graphs below. 1. The Active Average List Price (the blue one) is considerably high. This is the average price of homes currently listed that are available on the market. 2. The New Listing Price (the green one) is the average price of new homes hitting the market. Meaning that the average new home on the market is much less, than those homes that have been for sale. 3. The Sold Average List Price (the yellow one) Sold Average Sales Price (The orange one) are very close-actually- properties are selling within 97% of their final listing price. 5. The Days on Market for the average property has dropped considerably in the last year. It dropped from 65.7 days to 45.4 days on the market. That is a 33% drop in time. This usually indicates a speeding up of the market.
All of these market indicators give us a good idea of the health of the regional real estate market, but individual sales experiences vary. Due to our smaller valley size, our data is limited to fewer sales than many other more metropolitan areas, this leads to many people having much different experiences than the data would predict. For instance, one could assume, looking at the data, that a property listed for more than 45 days, would be willing to take much less for their price or would lower their price to attract more buyers. However, in our area, having a longer market time than the average is not uncommon, as much of our population does not have an urgency to sell their property. Many of our residents are retired or the properties are second residences. These types of sales do not have the urgency attached to them that a homeowner getting transferred for a job does. So, while the average market time is 45 days, it does not necessarily mean that all homes listed for longer are going to be more negotiable.
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