As you all know, I review our market statistics around the middle of each month.
What I'd like to focus on this month is the overall strength of the market in, and around, Saline.
The first chart I’d like to review is shown above. I’ve tracked real estate activity for the Saline market since 1996. There is a definite seasonality to the market – strength in the summer, weakness in the winter. A reading above 25% is a “seller’s” market, while a reading below 20% is a “buyer’s” market.
It’s no surprise to learn that we have been in a “buyer’s” market in Saline since the end of 2004 – more than three years, now.
What’s intriguing about this first chart is the strengthening of the Saline market since October. What could be the cause of this?
This second chart (above) shows 2 lines. The top line shows the number of homes available for sale (listings) in the Saline area. The lower line shows the number of homes sold each month.
In answer to my question posed above (What could be the cause of this?), the strengthening of the Saline market since October is a direct result of fewer homes listed for sale. How could this make the market stronger? Well, with fewer homes competing for the available buyers, it’s more likely that any of the homes listed for sale will actually sell during the month. That’s what we mean by a strengthening of the market!
Another interesting observation from the chart is that the number of sales in the Saline area has been rather consistent since 2005! In a previous post, we learned about the three "P's" that you control when you sell. The homes that are selling now, and have been selling since 2005, are those that have consistency between the three "P's". Go back and check that post for a reminder.
So, if you're looking to sell in this market, take heart! Call me!