Tuesday, October 2, 2012

Third Quarter Sales: A Closer Look

Our customers often wonder what has been selling in Sun Valley? Some are just curious about the market, and others may ask this question because they may be considering selling or buying themselves.

The number of sold units is up 52% for the first three-quarters of 2012 as compared to the same time frame in 2011. Although this is a staggering increase, let us take a closer look.
The median sale price for the first three-quarters of 2012 is $207,000. This is down from a median sales price of $295,663 in 2011 (-29.92%).

On the positive side, our median “days on the market” has gone down 21% from last year and our absorption rate is down 45% for residential properties. These trends have been steadily improving as the lower priced inventory is absorbed.

When we read between the lines of these statistics we think there are two important take aways.
If you are considering buying a property in the $300,000 and under price range, either for yourself or investment purposes, now is the time as roughly a third of these listings are pending.
If you are a seller in today’s market, pricing your property appropriately for the current market will give you the best chance of success in selling your property in a timely manner. Properties receive the most attention in the first few weeks they are listed.
To View our third quarter sales: http://issuu.com/sunvalleysir/docs/third_quarter_sales

For more information on our market, please call our office.
*Statistics provided by Sun Valley Board of Realtors

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