The recently reported monthly sales for July 2010 presented much positive (and some less positive) data. Though sellers have not been receiving nearly as much good news these days as buyers (considering the historically low interest rates buyers can receive, availability of homes on the market, and bargaining power), sellers did receive a highly refreshing experience in July. The average number of days on the market for a home was drastically low this past month – coming in at only 98 days. In fact, in the College Station/Bryan market, we have not seen numbers this low in years. Even in the more prosperous summer of 2006, average days on the market topped in at 109 in both June and July. Additionally, though it has dropped a bit, the monthly average sales price has stayed relatively even over the past few years. This proves that when a home is priced accurately and marketed correctly, it will sell, regardless of the surrounding real estate conditions!
The good news for buyers is: more available homes entered the market in July 2010 than in July of the previous two years. In 2008, 442 new listings were accepted. In 2009, we took on only 346 new listings. But in 2010, we received an impressive 450 new listings. As mentioned previously, if you are in the market for a new home, it is an optimal time to be in the buyer’s seat.
The less positive numbers reflect monthly sales, and listings under contract. Normally, we expect and are used to these numbers dropping at the end of summer, but this usually occurs in August. Of the 450 new listings we received in July, only 98 went under contract this month. This is much lower than usual, even for 2010. This is especially the case when compared to the sales in April, which were inflated by the homebuyer tax credit-related spike. Further, the total monthy sales were down quite a bit in comparison with years prior. Total monthly sales in July 2008 were $61,873,310. For July 2009, numbers were low at $47,453,045. This July, numbers were substantially lower at only $30,773,396. That is a reduction of over 50% of total sales compared to 2008.
As always in the field of real estate, there will be some positive and some negative information. It is usually dependent on whether you are in the buyer or seller position. Important facts for sellers to take away from this article: if you are truly serious about selling your home, you must price it accurately. If it is priced right, you can expect it to sell within 3-4 months, as proven in July. If your home has been sitting on the market and is not being viewed often, or is just not selling, you may have priced it too high. Selling your home quickly could be a matter of simply adjusting the price; however, this does not mean you can’t get a great deal for your home. Call me and I can discuss the basics of your home, the price I recommend, and the marketing strategies I will employ to sell your home quickly at a price that is right for you!
Clay Lee – Realtor
Century 21 Beal, Inc.
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