Roller Coaster Ride Continues
October 2010 Housing Stats for Elkhart County, Indiana
The October figures are out, and we continue to see the volatility in the market. Let's take a look at the numbers and try to analyze them.
New Listings
The number of new listings are down from 226 in October of '09 to 201 in October '10. And YTD we are off slightly from 2572 in '09 to 2556 in '10.
Sold Listings
With the exception of August and now October, we have had slightly more sales each month this year when compared to the previous year. Only 97 sold listings in October '10 versus 175 in '09. Year-to-date we are at 1455 versus 1240 for the same period last year.
Looking at those two categories, new listings and listings sold you can see that the inventory of listings are ever so slowly declining. Moving us to a more balanced market. The average days on the market has stayed the same 120 days in October '09 and '10, but is down slightly YTD at 108 versus 113.
The median sales price in October was $89,000 up from October '09 at $85,000. But the percentage of sales price to list price was down to 92.66% from 93.67% for the same period last year.
So what does this mean?
We continue to volatility in the market with no real trending. Sure sales are up slightly, but without the 1st time home buyer credit this spring, we would likely be down for the year. And while the median sales price increased this month, it may be because of the hundreds of foreclosures that have been taken off the market.
Bottom line it's still a tough market for sellers. Make sure that your your home is ready to compete when it hits the market! Make it sparkle. Do repairs. And most importantly price it right! Remember, you need to not only justify your price to any potential buyer, but also your home must appraise for the selling price.
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 historical lows. There just simply could not be a better time to buy than right now.
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 your trusted advisor and a fierce negotiator.
For more information for both buyers and sellers visit http://www.indianasbesthomes.com/
The October figures are out, and we continue to see the volatility in the market. Let's take a look at the numbers and try to analyze them.
New Listings
The number of new listings are down from 226 in October of '09 to 201 in October '10. And YTD we are off slightly from 2572 in '09 to 2556 in '10.
Sold Listings
With the exception of August and now October, we have had slightly more sales each month this year when compared to the previous year. Only 97 sold listings in October '10 versus 175 in '09. Year-to-date we are at 1455 versus 1240 for the same period last year.
Looking at those two categories, new listings and listings sold you can see that the inventory of listings are ever so slowly declining. Moving us to a more balanced market. The average days on the market has stayed the same 120 days in October '09 and '10, but is down slightly YTD at 108 versus 113.
The median sales price in October was $89,000 up from October '09 at $85,000. But the percentage of sales price to list price was down to 92.66% from 93.67% for the same period last year.
So what does this mean?
We continue to volatility in the market with no real trending. Sure sales are up slightly, but without the 1st time home buyer credit this spring, we would likely be down for the year. And while the median sales price increased this month, it may be because of the hundreds of foreclosures that have been taken off the market.
Bottom line it's still a tough market for sellers. Make sure that your your home is ready to compete when it hits the market! Make it sparkle. Do repairs. And most importantly price it right! Remember, you need to not only justify your price to any potential buyer, but also your home must appraise for the selling price.
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 historical lows. There just simply could not be a better time to buy than right now.
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 your trusted advisor and a fierce negotiator.
For more information for both buyers and sellers visit http://www.indianasbesthomes.com/
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