Analysis 78704: What’s happening right now 04.15.08 (tax day!)
I have been reviewing the market stats for 78704 this morning and wanted to share what is going on.
In December I ran an analysis for the 78704 $600k – $700k single-family homes market and have run the exact analysis today. Here is the comparison:
• Currently 17 active properties, same as December (I thought it would go up, so this is good)
• December avg days on market 77
• Today avg days on market 97 (this I expected)
• Avg list price is the almost the same at approx $659k
• Avg $ / sqft was $307 in December and is $282 today (so the avg sqft of the 17 homes today is larger than the 17 on the market in December)
• There are currently 2 pending (a $660k and a $700k) and they were on the market 100 and 85 days (avg 93 days)
• There has been 1 sold in the last 60 days
If I look at all of 78704 over $500k, there are currently 55 homes on the market and have been there an avg of 100 days. There are currently 8 pending (avg 57 days). Over $500k, there are have been 6 homes that have sold in the last 60 days, on the market an avg of 59 days, 5 under $650k and one at $950k. One of these sold at 91% of list price, the other 5 pretty much around 97% of list. $ / sqft is all over the place.
In real estate we talk in terms of inventory and the rate at which homes are selling. So, for example, with 55 homes on the market and selling at 4-8 per month (based on solds last 60 days and current pendings which should close in the next 30 days), that means we have approximately a 9-month inventory of homes on the market in 78704 over $500k (6 sales per month divided into 55).
Of the 63 active or pending, 14 (22%) have lowered their price at some point on the market.
Conclusions? The inventory volume has not increased which is good but they are staying on the market longer (there have been 8 withdrawals and 4 expires the past 60 days). As days on market increases, we will see more price drops.
Seller advice? Price it right, make it shine, have professional photos and a virtual tour online, lots of open houses, a realtor who stays on top of the market detail and make sure you have planned for 6-9 months. If you need to see faster than that, your price needs to reflect that.
Buyer advice? 78704 rocks and there are plenty of homes to chose from. Consider the fact that interest rates could go up (if interest rates go from 6% to 7%, it wipes out a $10k savings) … thus playing the waiting game is not necessarily in your favor. Get pre-approved then go shopping.