The Tyson Group Realtors-Steve and Jana J. Tyson want to thank you for the opportunity to market your property for sale. As part of this process, we are keeping you up to date with the current market trends. The tables below represent the closed sales in this market in the last 30 days; sales since the beginning of the year; and current inventory levels.
You will note that since the beginning of the year 87% of the homes sold in this market are under 250K and in the last 30 days 91% of the sales were under 250K.
It is definitely a buyer’s market and quite competitive. And, if you have a home over 250K, it is far more competitive. Sales over 250K represent between 10-11% of the total sales and 33.6% of the inventory. Positioning your home to outperform competitive properties is crucial, no matter what price range of home. As an example, look at sales in the last 30 days and compare to the data in the second table which represents the total percentage of inventory by price range.
Homes Sold in the 400-500K range represented 2% of total sales and 5.6% of total inventory. For that price range it is especially important to outperform the competition in order to get your home sold. The best price range compared to inventory levels is the 150-200K range with only 19.6% of the inventory and 30% of the sales.
It is also important to look at absorption rates. Looking at the best performing price range of 150K-200k, you will note that 30 units sold in the last 30 days and there are currently 312 units on the market. This represents a 10.4 month supply of inventory. This is calculated by taking 312 units on the market for that price range ÷ 30 units sold in a month. Keep in mind this is an average supply. The better-positioned properties might sell in two months while others may take 2 years. So, even in the best performing price-range, it is important to be competitive.
We want your listing to be one of those that sells quickly. Price it better than your competitors, make any necessary repairs, paint it, clean it, declutter it and stage it and we will get it sold!
We hope you find this information to be useful and ask that you compare where you stand in the market. Please call with any questions,
Steve and Jana J. Tyson
PRICE-RANGES 1588 TOTAL Homes On Market 5/15/11 % of Current Inventory
0-100K 196 12.3%
101-150K 335 21.0%
151-200K 312 19.6%
201-250K 207 13.0%
251-300K 161 10.0%
301-350K 75 4.7%
351-400K 85 5.3%
401-500K 89 5.6%
501-600k 57 3.5%
601-700K 28 1.8%
701K & Over 43 2.7%