How is the Market?

Without fail, I get this question EVERY DAY.  Some people ask because they are generally interested and others ask simply to break the ice knowing that I'm a Realtor.  My response is always the same." depends on where you live".  Each neighborhood of the city is different, and each neighborhood has it's own Real Estate Market Trends.

Now, since this is a blog about Fishtown and the Riverwards; the information I'm about to provide is relevant to these areas. 

The following is based on the Property Type: Single Family Home, Townhomes and Condo  priced between $0.00 to $99,999,000.00.

Property Sales

November Property sales were 19, down -5.0% from 20 in November of 2010 and -29.6% lower than the 27 sales last month. November 2011 sales were at their lowest level compared to November of 2010 and 2009. November YTD sales of 271 are running -18.9% behind last year's year-to-date sales of 334.

Basically, the overall amount of homes sold has been decreasing for the last two years.

Prices

The Median Sales Price in November was $140,000, down -7.9% from $152,000 in November of 2010 and down -16.2% from $167,000 last month. The Average Sales Price in November was $158,116, down -4.8% from $166,155 in November of 2010 and down -7.0% from $170,034 last month. November 2011 ASP was at the lowest level compared to November of 2010 and 2009.

 Simply put, the average home sales price is down from both 2010 and 2009.  We have seen the rate of home value price begin to slow and level out.  I expect price to remain steady during 2012.

Inventory & MSI (Month's Supply of Inventory)

The Total Inventory of Properties available for sale as of November was 215, up 2.4% from 210 last month and down -28.1% from 299 in November of last year. November 2011 Inventory was at the lowest level compared to November of 2010 and 2009.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2011 MSI of 11.3 months was at a mid range compared with November of 2010 and 2009.

Market Time

The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for November was 59, down -30.6% from 85 days last month and down -37.9% from 95 days in November of last year. The November 2011 DOM was at its lowest level compared with November of 2010 and 2009.


Basically, homes are selling but in order to do so they must be the be the best showing, most promoted and best priced homes in the area.