Here are statistics to show how the real estate market has been performing over the past two years through June 2009. Click on any graph to see a larger version, complete with a table of the statistics.
As you can see, after a drop from November 2008 to February 2009, the median sold price has risen again to levels seen early last fall.
Other good news is that the Months Supply of Inventory (MSI) has dropped significantly from it's peak in January 2009 of 13.6 months, to a low of 6.3 months in June 2009. Good news for sellers also is found in the Days on Market (DOM) - which has dropped from a peak of 98 days to 79 days in the same time period.
Finally, an interesting bit of information can be gleaned from the Supply and Demand chart and table. Look at the table and you'll see that Homes for Sale have an average DOM of 132 days (which has dropped since January at 141 days), and Homes Under Contract have a lower average DOM of just 79 days (down from 98 days in January). Expired homes for sale, actually have the highest DOM at 188 days (which is UP from January at 169)
As you can see, those homes that get contracts are averaging just 60% of the DOM vs all homes for sale. These homes that get contracts tend to be priced correctly from the start (the sellers are realistic) and are in better condition. The homes that are not in top condition, or priced above the comparable sales, will languish on the market, suffering the fate of higher days on market. This makes the house look stale to new buyers in the market as they wonder why no one else has purchased the home yet, which ultimately can decrease the sales price of the home.
For a detailed price analysis of a home you'd like to sell or purchase, please contact John Luca (John@TriStateTeam.com or 302-999-6966).
Mary Luca
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