OVERVIEW: The pace of the market has slowed from last month. Supply has increased slightly while demand has backed off marginally. This is a usual pattern at this time of the year. Properties in escrow are on the increase which signals an increase in closings in the next 30-45 days. SFR median price continues to weaken significantly while Condo price is holding at current levels.
PERCENT SELLING: Increasing slowly in the short ru
n. As a rule of thumb, a typical non-REOseller has about a 40-60% chance of closing in today’s market. REO has about a 70-80% chance of closing.
WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): Absorption Rate is steady and hovering in the current range (give or take 3-4 weeks). No clear trend has emerged other than slightly up and down from month to month.
MARKET SPEED INDEX: The market is slowing slightly as is usual. Expect the pace of the market to increase slowly as Spring approaches.
PRICES: SFR and Condo price schedules continue to weaken, but SFR is much more pronounced. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph). Lately, however, there is more of a tendency to decline than rise. Average Price by city and year can be reviewed in the table below. Note the trend that estimates the dollar value of the declines per year.
No comments:
Post a Comment