As real estate experts, we’re always looking for market indicators to suggest whether the market is favoring sellers or buyers. We look at a variety of factors, including average list price, median sales price and price per square footage. Another indicator we look at is the days that a home spent on the market before it ultimately sold. And if the latest data is any indication, this metric is certainly starting to favor home sellers! The Port Aransas Real Estate market has improved markedly in 2013. This time last year there were approx. 12 homes on the market under 200k. Today there are two and one is pending sale. The number of days on market for all single family homes has improved from 201 cumulative day on market (CDOM) in 2012 to 171 CDOM in 2013. Further, the price per sq.ft. has increased from $191.60 in 2012 to $209.80 thus far in 2013. The market in Port Aransas is now in the sellers favor but properties still must be priced properly. For the first time in the last 5 years the overall market for sellers, developers and builders is positive. With the positive over all market and low inventory now is a good time to consider selling. Let me know if you would like a free market analysis on your home, condo or lot.
Why Home Sellers in the US Should Be Optimistic
According to the most recent real estate data, properties listed in September 2013 spent an average of 86 days on real estate websites, compared with 116 days last year!
This suggests that homes are selling nearly a month quicker than they did this time last year.
Here’s what else the most recent real estate data reveals:
- Properties listed in all 30 of the largest metro areas in the country sold quicker in September when compared to last year.
- Those homes in the San Francisco Bay area were listed for the fewest number of days at 48, followed by Sacramento with 59 days and Dallas with 60 days.
- Comparatively, in 2010, homes listed were on the market an average of 119 days.
Experts say that a declining inventory of homes for sale has attracted more eager buyers to the market, resulting in fewer days on the market for homes for sale.
Historically low mortgage rates, an improving economic climate and depressed home price values are further encouraging this activity.