Favorite Real Estate Stats
- Listings that actually end up selling, sell for an average of 95% of the FINAL list price, 85% of the ORIGINAL list price. What this really means is that buyers will not make offers on your home until it gets within 5% of what they are willing to pay.
- Real estate standard for a healthy, balanced market is 6 months of inventory. 2008-2011 saw over 10k homes for sale and we were mired in an unhealthy buyers market. Now that inventory is back down under 6000, we are essentially back to a healthy, balanced market. Several areas are actually in a sellers market.
- Average MLS area lost about 30% in value in terms of $/sqft since the peak of the market in 2006 to bottom in 2011. Median sales prices have recovered nicely and are back up to $220k, surpassing the all time high of $210k in 2007, but $/sqft prices are still down, about 5-10% in most areas.
- About 71% of the available listings in the CTAR MLS sold in 2014.
- Major differences in active inventory(supply) as opposed to the properties under contract(demand).About 18% of active supply are new construction, but 32% of what’s under contract are new construction. Median yr built of the active inventory is 2000, while median yr built of the properties under contract is 2005.
- About 8% of current contingents/pendings are either short sales or foreclosures(ss/fc). But 32% are new construction. Only 4% of the active inventory are ss/fc. There were only 250 active ss/fc on the market in Dec 2008. In 2011/2012 there were often around 1000 active ss/fc. Now down to 220 active ss/fc.
- 1% change in interest rates produces a 10% change in purchasing power. Let’s assume you could afford a certain monthly payment at a 4.5% interest rate and that allowed you to buy a $300k home. In order to keep that same monthly payment, you can only afford a $270k home when the interest rate goes up to 5.5%.