1st Quarter 2011 Market Update

How is the real estate market doing in River Chase subdivision?  A professional overview:

• The number of homes available in River Chase has increased 65% since December 2010.
• Homes sales in the 1st Quarter of 2011 did not improve over the 4th Quarter of 2010. 
• Despite slow sales, properties are holding their value at 96% and above for the average list to sales price.

Looking at the total number of homes sold in the past 6 and 3 months, there is no doubt that market "movement" in River Chase has been slow.  Traditionally, the real estate market slows down in the Fall and Winter, and then picks up again in the Spring.

Spring time is when many people begin to place their homes on the market. 16 of the 38 properties that are available in River Chase were added to the market within the last 30 days.  With so many new additions, and only 2 properties sold in the last three months, we see a "scary" surge in the "Months of Supply on Market." 

What does "Months of Supply" mean?  It is the term and formula used to measure how the supply (available homes for sale) compares to the recent demand (recently sold homes).   

The 1st Quarter 2011 market data statistically reflects that if you were to place your home on the market today, it would take 4.75 years to sell the property. 

YIKES!!!

FORTUNATELY, statistics change each month.  Chances are...given that your property is in top-notch showing condition and priced reasonable to the market...it will not take 4.75 years to sell.  With the right price, marketing, condition, and a touch of luck, it should sell by the end of the Summer.  The number of available homes is surging up for the Spring and Summer buying season and being comparable to a slow Winter season.  This number WILL balance out as properties are purchased over next 6 months. 


For a free property search, market analysis request, and more information on my business and listings, please visit http://www.valerietolbirthomes.com/.