Despite the news that home sales are generally down, buyers are out there in significant numbers. They are just waiting to see the right price. When they see it, they are jumping quickly.
Well priced homes, those that did not require a price reduction before selling, are selling in just 28 days. That is the fastest pace of any quarterly period since we started the report in 2005. During the market’s frenzied peak in 2006, the well priced homes were selling in 45 days.
Click image to enlarge.
The dramatic difference in days on market shows that buyers are recognizing the tremendous affordability that many homes offer today. Affordability in our market is at a five year high.
Even while there are great opportunities, buyers are also recognizing that there are many homes that are over priced. Nearly two-thirds of the homes sold in the second quarter required at least one price reduction before selling. The average percentage price reduction was 17.6% before selling. Those homes sat on the market for a record average time of 200 days. When they were reduced to the final price they sold in just 30 days, nearly the same time that well-priced homes averaged.
See related post on June 26, 2009.
Statistics compiled by Coldwell Banker Evergreen Olympic Realty, Inc. from the NWMLS database. Statistics not compiled or published by NWMLS.
No comments:
Post a Comment