Fort Hunt Real Estate: First Quarter 2013 Shows Seller's Market

Hello Fort Hunters and beyond.

Hope you are all enjoying this most fabulous of seasons.

Our column has been moved to a quarterly update and we are excited to update you on the current state of the market.

Currently, inventory levels are low;  you certainly may have noticed this as you drive throughout our community. Hence, sellers, who price their homes competitively, can find themselves receiving multiple offers and often ratify a contract to purchase that is well over list price.  It is most definitely a seller’s market.

As spring progresses and hopefully, inventory levels rise (more sellers putting their homes on the market), the market can neutralize and we can see a bit more balance between sellers and buyers.  It is worth noting that there are still homes that have not sold, even with the amazing market conditions which present in favor of sellers. 

Why wouldn’t your home sell in a seller’s market?  The reason why homes don’t sell is always, always, always price driven.  The buyers/market determine the value of real estate.  If your home is currently on the market and not getting offers, even though buyers are previewing it, you should consider talking to your realtor about repositioning your home price point-wise. 

For first quarter 2013, 37 properties closed in zip code 22308, the average list price was $665,586 and the average sold price was $647,689.  Average days on market were 81.  The median list price was $598,500 and the median sold price was $600,000.00.  Our price points for 1st quarter 2013 in our zip code varied from $320,000.00 to $1,325,000.00.

Let’s take a look at the month of March 2013 in real estate activity in zip code 22308.

Statistic

Values

Year over Year

Month over Month

Total Sold Dollar Volume

$10,735,000

+12.61%

+49.05%

Closed Sales

17

-10.53%

+54.55%

Median Sold Price

$575,000

+14.2%

-5.81%

Average Sold Price

$631,471

+25.86%

-3.56%

Average Days on Market

74 days

-34.51%

-23.71%

Average Sold to Original List Ratio

94.42%

-1.35%

-2.22

The chart above shows an increase of almost 50% for total sold volume comparing March 2013 to February 2013, and a 12+% increase in sold volume year over year.  Average sold price is up 25% year over year and down 5% month over month.  Average days on market is down both month over month and year over year.  Our closed sales numbers for March 2013 is down year over year, and up month over month

Snapshot of our inventory picture in March 2013, compared to March 2012 can be found below.  Our active listings are way down, our new listings are way down, and our new under contracts are way up.

Inventory

Mar 2013                   Mar 2012                   % Change

Active Listings                                                      

30                                     45                               -33.33%

New Listings                                                      

27                                     40                                -32.50%

New Under Contracts                                    

9                                     5                                     80.00%

New Contingents                                    

18                                     19                                   -5.26%

New Pendings                                                      

27                                     24                                   12.50%

All Pendings                                                     

31                                     30                                     3.33%

Sold summary for year over year comparison for March shows our sold volume up, our average sold price up, our median sold price up, and our units sold down.  Days on market, way down, average list price up almost 26%.

Sold Summary

Mar 2013                   Mar 2012                   % Change

Sold Dollar Volume                                                      

$10,735,000               $9,532,800                   12.61%

Average Sold Price                                                      

$631,471                   $501,726                       25.86%

Median Sold Price                                                      

$575,000                   $503,500                        14.20%

Units Sold                                                                        

17                                     19                          -10.53%

Average Days on Market                                   

74                                     113                         -34.51%

Average List Price for Solds                                   

$648,953                   $515,516                          25.88%

Average Sold Price compared to Original List Price Ratio

94.4%                    95.7%                                     -1.35%

Our last chart is a March snapshot of inventory over the last five years (March only).  We continue to be strong and steady in pricing and sales.  We love our community, and so do many buyers looking to move into our fabulous and vibrant neighborhoods.

Questions, comments?  We would love to hear from you.

Lyssa Seward Lseward@cbmove.com

Coldwell Banker Residential Brokerage

www.LyssaSeward.com

Jane Cole  Jcole@cbmove.com

Coldwell Banker Residential Brokerage

www.JaneColeSellsHomes.com