This certainly doesn’t seem lake a lot of homes when compared to the larger areas like Reno or SLT.  However, using Q1 sales for this same area (of which there were only 4) this equates to an 11 quarter or 33 month supply on hand.  Comparing the stats for the current listed homes to the actual sold homes for the first quarter provides some interesting comparisons.  See chart below.

                        Actual Q1 Sales                              Current Inventory  

Units                          4                                                         44

Avg Price            $634,500                                            $1,009,063

Median Price      $674,500                                            $   869,450

Avg DOM                 139                                                          233

I think there are two conclusions to be drawn from these numbers.  First, there is still a disparity between selling prices and listing prices and second, there will probably not be any decrease in inventory in the immediate future. 

The Bad.  While there was one more sale this year 19 vs. last year 18, the average sales price declined over 51% from $2,419,152 in 2007 to $1,183,363 this year.  Likewise the median price declined 34% from $1,175,368 to $775,000. 

The Ugly.  As you would expect, with the decrease in the average price, total sales also decreased a whopping 48%.  Sales volume last year totaled $43,544,737 compared to just $22,483,900 this year. 

The Good.  The first quarter is over.  Seriously though, there is some good news regarding the average days on market for sold properties.  In each of the first three months the average days on market for the homes that sold declined substantially.  In January from 194 to 163, in February 268 to 129, and in March 310 to 233.  For all sales in the first quarter the DOM decreased from 251 to 180. 

 In my humble opinion this is good not necessarily just because the number is better but because if you combined the reduction in days on market of properties sold and the decline in average and median prices you can conclude that the more appropriately priced inventory will sell and that can help when discussing listing prices with sellers i.e. more “meaningful conversations.”

As of April 1, there are 43 homes listed for sale for an average price of $997,704 and a median price of $859,900.  Taking into consideration the actual average and median prices for the first quarter and comparing them to the average and median listing prices I think we can conclude that reality on prices by sellers has not quite been realized. 

 Visit Chase Nation now by going to www.chasenation.com .   You will enjoy it. 

The home resale annual rate number rose 2.9% to 5.03 million.  Up from 4.89 million annual rate in January and the first increase since last July.  Why?  One big reason could be that in the same month median price was down more than 8.2%.  Last February the median price was $213,500 vs. this February’s median price of $195,900.  

My response to that question is usually (more…)

Similarly, there are 129 single family homes listed for $407,217,399 at an average price of $3,231,884 and a median price of $1,562,500.  These homes have been on the market for an average 283 days.  The quick calculation of months on had based on the average number of sales for the last 12 months is 20.7 months. 

As I indicated in the Genoa inventory post, all properties are sold based on their individual features.  And at the risk of being redundant, the one fact that can be determined from the inventory statistics is that we are still in a buyers market. 

Of course this is just a snap shot and certainly does not mean that if you list your home today it will sell in 28 months.  Each sale is based on a variety of factors including location, condition, amenities, etc., and of course price.  It does however suggest and support the theory that this continues to be a buyers market.