The housing market is in such a flux right now that you almost could daily write about the changes that are happening. No two people can seem to agree on whether the hosuing market is stabilizing, gettign better or worse. One factor though that has always remained a staple for how home prices are doing is market supply.
In Matthews, NC. there is a little subdivison (approximately 110 homes) that offers a lot of home for a young family. In past reprots I have written about this subdivsion it has weathered the storm of falling home prices rather well. The ideal situation is to have a six month supply of homes. that is considered a balanced inventory. It does not favor the seller or the buyer. Swing one way or the other and the advantage swings with it.
So, three years ago from September 2007 to September 2008 14 homes sold for an average sale price of $129,057. it took on average 35 days for these homes to sell.
Two years ago there were 2 sales at an average sale price of $110,250. they were on the market for an average for only 14 days.
Last year there were 6 sales for an average sale price of $129,600. They were on the market for an average of 42 days.
Currently there are 3 homes on the market right now for an average asking price of $121,300. they ahve been on the market for an average of 102 days.
Based on the last 3 years of sales averaged out the subdivison sells an average of 7.3 per year. So, with 3 on the market currenelty it is slighly favoring a seller market in here. However; the days on the market has dramatically increased from previous years making it a more balanced market.
So, though Matthews, NC. and most of the country has seen a dramatic decrease in prices...this little quiet family oriented subdivsion of Matthews, NC. has been very stable in it's sale prices.
Dave diCecco
Realtor/Broker
www.davedicecco.com
It is crazy how the housing market changes -- throughout the years here in Charlotte NC and Matthews NC, you can see the ups and downs. A subdivision in Matthews NC (actually Stallings NC) started up in 2007 selling homes for $169,000 -- but now, even newer homes in the community (that have had trouble selling) are going for $140,000. Homeowners that bought the homes for $169,000 but would like to potentially sell are now in a bind because why purchase a used home when you can get a new home in the same community for less?
ReplyDeleteI do believe that the market is getting stronger and better as time goes on, but it is crazy to think of the past and current situations some home owners face.