With the Market Monitor showing that pending listings are creeping above 300 for the first time since April it appears that this fall will be a strong sales season. Sales are starting to inch up with Lots / Land listings leading the way –up 44% for the year and up 60% from July 2012. The details are listed below:
Overall – up 19% (1376 units vs 1159 units)
Residential – Up 13% (1059 units vs 935 units)
Land – Up 44% (299 units vs 207 units)
Commercial – up 6% (18 units vs 17 units)
YTD Under Contract
Overall – up 23% (1257 units vs 1154 units)
Residential – up 14% (1230 units vs 1075 units)
Land – Up 41% (304 units vs 216 units)
Commercial – Up 1% (18 units vs 17 units)
Year to Date Sales Data – a review of the year-to-date data shows the best selling residential properties fell into the $200K to $299K range. These properties had an average days on the market of 220 days.
Inventory – Since August 2009, overall active inventory has declined by 26% with Lots / Land listings leading the way with a 27% decline, residential properties with a 26% decline and commercial listings with an 11% decline. Active inventory declining is a clear indicator of reaching the bottom. As demand increases and supply decreases, prices can and will begin to inch up.