Every year, hundreds of families sell their homes and purchase new ones. Nevertheless, the process can sometimes be a little complicated. In what follows, we will discuss some of the important issues which need to be considered.
One of the reasons most people give for wanting to be a “For Sale by Owner” is they think that they can end up making more money from the sale of their home than they could if they hired a REALTOR. It’s been my experience that, for most people, it just does not work out this way
For the most recent twelve months (02/01/2021-1/31/2022) the MLS reported 2,121 sales with a median sale price of $180,000 and a reported average marketing time of 44 days. For the prior twelve months (02/01/2020-1/31/2021) the MLS reported 1,945 sales with a median sale price of $172,500 and a reported average marketing time of 83 days. This shows an increase in the number of sales of 176 homes or 9.0%. The median sale prices saw a 4.3% increase. There are currently 138 homes on the market with an average marketing time of 127 days. This results in a 0.7-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.
While closing volume for August 2023 recovered to a level closer to the average total sales volume is down 12.5% year-over-year.
While sales volume for June was strong, volume for July was the lowest in the prior 6 years with 13.6% fewer closings than July 2022. Overall, sales volume for the year is down 36.4%
It is most note worthy that while the sales volume for the first five months of the year was down significantly, June of 2023 saw a higher number of sales than in June of the prior two years.
Most notable is that sales volume is significantly down when compared to the same months in years prior. April saw a 44% decrease in sales volume when compared to May of 2022. The year-to-date sales volume is down approximately 28% when compared to 2022 as well.
Most notable is that sales volume is significantly down when compared to the same months in years prior. April saw a 20% decrease in sales volume when compared to April of 2022. The year-to-date sales volume is down approximately 22% when compared to 2022 as well.