So, how is the real estate market these days? It's definitely a "buyers' market!" There are many great properties and terrific low interest rates - under 5% if not under 4%. According to our local MLS statistics, which do not include private sales, the selling price of houses is averaging 22% below the asking price. With over 300 houses and 180 condos actively listed for sale, "Make an offer" is the buzzword.
The total number of sales of homes is down from prior years. Between 2003 and 2007, total number of homes sold each year ranged from 173 to 188. The market has slowed significantly the past three years, with the range from 125 to 105.
We have also seen the price range drop considerably. The average sale price has dropped from $560,455 in 2010 to $434,400 in 2011. The median list price has dropped from $450,000 in July 2010 to $419,000 in July 2011. Average and median statistics are sensitive to outliers so looking at the volume in various price ranges is also important to help identify trends and shifts. Condo sales likewise peaked in 2005 with an average price of $195,000. As homes become less affordable, condo sales generally rise. The average condo sales price in 2011 is around $220,000.
There is an increase in activity in the lower brackets, $200,000-$400,000, as prices and affordability decline. There is still a large inventory of homes over $500,000 with 55 being over $1 Million!
The average days-on-market (DOM) has gone from 242 to 303. Don't be surprised if it takes 9-12 months to sell a house. Sellers have to be realistic about the price, clean, de-clutter, paint, landscape, and make it easy to show.
Essentially, prices are lower and it takes longer to sell houses, but there are buyers taking advantage of opportunity. Since the beginning of the year, 64 houses and 39 condos have closed (with 36 houses and 14 condos additionally under contract). Many sellers have discounted their houses or are now willing to rent rather than wait for a buyer. It is not unusual to see a house sell for 20-30% less than the original asking price. As we said, "make an offer!"
Calabash Real Estate has fifteen agents ready to help you buy, sell, or rent. We offer property management and short term rental/concierge services. We work with commercial to residential, waterfront to hillside land parcels, restaurants and businesses for sale. Our website features our full range of listings as well as essential resources - financing, surveyors, inspectors, attorneys, as well as contact information for all our agents.
We look forward to learning how we can help you with all your real estate needs.
Call 340-718-5285 - 800-693-5285 or visit www.calabashrealtors.com