Housing Stats a Mixed Bag

September 2010 Housing Stats for Elkhart County, Indiana

The September figures are out, and while there is some encouraging signs there are also a few disturbing trends. Let's take a look at the numbers and try to analyze them.

New Listings

The number of new listings are down from 269 in September of '09 to 229 in September '10. And YTD we are off slightly from 2572 in '09 to 2556 in '10.

Sold Listings

With the exception of August, we have had slightly more sales each month this year when compared to the previous year. 130 sold listings in September '10 versus 125 in '09. Year-to-date we are at 1350 versus 1065 for the same period last year.

Looking at those two categories, new listings and listings sold you can see that the inventory of listings is slowly declining. Resulting in a market that is more in balance. Also the average days on the market has decreased for 102 days in September '09 to 98 days in September '10.

Now for the not so good news

Generally, with inventories declining and sales increasing, we should see a stabilization in home prices and possibly even a slight increase. However, our numbers show otherwise. The median sales price in September was $82,250 down from September '09 at $96,000. And the percentage of sales price to list price was down to 91.83% from 94.10% for the same period last year.

So what does this mean?

For sellers, it means that competition is still stiff, but homes are selling. If you truly want to sell your home, don't "test the waters". Price your home aggressively and prepare it to show well. Make everything inside and out sparkle and shine. Your most exposure comes in the first 30 days.

Also, hire a professional Realtor that has the tools to get the job done. Today more than ever, technology has changed the game. Make sure that your agent and their company are on the cutting edge.

Buyers, it is time to move! If you plan on making a move, do it! The inventory of homes is still extremely good, prices are down and interest rates are at unprecedented lows. There just simply could not be a better time.

When you do get ready, be prepared. Get pre-approved from a good lender, and find an agent that will work diligently on your behalf. Your agent needs to be more than the person with the keys. They have to know the area and be a trusted advisor and a fierce negotiator.

For more information for both buyers and sellers visit http://www.indianasbesthomes.com/