For the first time in over 6 years there are indicators that the market does not favor Buyers over Sellers. I do a lot of work with statistics and a recent review of MLS data revealed some facts I would like to share with you. But first a little background.

In real estate there is a kind of formula that is founded on the idea that it should take between 9 and 12 months to sell a house. So if you were to take that idea and apply it to 100 properties listed for sale, you would want to see around 100 sales in the past 12 months to consider it a balanced condition. For a very long time the market was way out of balance as the number of properties listed for sale ballooned. But it’s not like that today. In fact the pendulum is swinging quickly towards the other side of the arc.

Here are some numbers.

In the last 12 months, at the price point between $500,000 and $600,000, 47 units were sold. The year before a total of 40 units were sold. That represents a 17% increase. The graph goes on to detail the same relationship in three other price points. This is very good news for Owners as increased volume is generally a harbinger of increased property values.

But for owners that have thought about selling it is the numbers below the graph that you should focus on. These are the number of  town homes that are for sale right now. Going back to the 500 to 600k price point you will see that only 20 units are available. That is a very short number relative to the volume of 47 units sold that we saw in the last 12 months. 3 of the 4 sections show the same shortage and represent an overall opportunity to sell in a market condition that finally does not favor the buyer over the seller. If you have considered selling or would just like to talk about the market in a general way, then just give me a call at 609-263-5301 and we can go over whatever it is that is on your mind specific to the property here in Sea Isle. Thank you and Happy Holidays