How is the real estate market doing in River Chase Subdivision? A professional overview:
After my first Market Update post in October, I realized that not everyone will want to read my detailed analysis of the market! Here is a brief overview!
- Despite slow 4th quarter sales in 2010, properties are holding their value in Riverchase.
- The average "days on market" have increased slightly over the 3rd Quarter Report.
- The summertime, before school starts, holds the best chance of selling your home quickly.
As comparisions are made between Q3 and Q4 2010 data, you will notice a significant difference in the "months of supply on the market" numbers. This is because the time frame data is going to overlap and run into the numbers for the next quarter, either improving them or making them worse. IE: River Chase Subdivision only had two residential sales in the last three months of 2010. This poor sales data is going to effect the 6 month data for the Q1 2011 report.
So what do the numbers in Quarter 4 2010 report mean? Was it a bad year for real estate in Riverchase? Are sales on the decline? Are property values falling? The answers are not overall, maybe, and no.
Was it a bad year for real estate in River Chase? Not overall. The lack of sales in the 4th quarter of 2010 drove the total sales for the YTD down 20% compared to the YTD sales of the 3rd Quarter of 2010. Sales were great in the first nine months of the year, and especially great between the beginning of July and the end of September.
Traditionally, the 4th Quarter of the year is the slowest season for real estate (school is back in swing, holidays, holidays, and holidays) - we will explore the 4th Quarter Curse in an upcoming post.
Are sales on the decline? Maybe. Until we have data for 2011, there is not a comparison for the immediate future. However, a look at past trends can give us a clue.....(more to come in a future post).
Are property values falling? NO. When we look at average list to sales price, the percentage in the 4th Quarter Report are consistant with, and slightly higher than, the percentages of the 3rd Quarter Report. An average 96% list to sales price is an awesome percentage! This means that there are few people "giving" their homes away, and there are few foreclosures and short-sales in the neighborhood that are driving this percentage down. Even though there were only 2 sales in the 4th Quarter, the list to sales price percentage was the best yet!
For a free property search, market analysis request for your property, and more information on my business and listings, please visit http://www.valerietolbirt.com/
No comments:
Post a Comment