What everyone’s afraid to ask….OR….. The “How’s the Market” Blog
Another year has passed in the great recession that we all are going through. It has been a tough time financially for many of us.
Being a real estate professional, I still get asked how the real estate market is, although admittedly not as often as it used to be. I believe many people don’t want to hear the answer.
So I will do my best without rambling to let you know what I feel is the state of the local real estate market.
This Is The New Normal
- Roughly the same number of houses sold last year as the prior year.
- Number of houses on the market for sale (inventory) is down 24% from last year.
- Median prices are staying somewhat level…slightly up in some areas, and slightly down in others
- Average days on market for listings is stable at about 90 days
- Distress sales (Foreclosures and Short Sales) make up close to 50% of the solds…and 25% of the active listings