Market Update for Quarter One of 2013

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Our market update compares the first quarter of 2013 to last year at this time. In a nutshell, we need inventory! With a shrinking supply, there is only 1,091 homes on the market compared to the usual number of 2,000 at this time—a decrease of almost 50%.

So far this year we’ve sold 209 homes this year, and sellers are getting 94% of what they listed their home at. The average single-family home is selling for $550,000 and condos for $386,000, which may be skewed a bit because a few condos sold for $1.5 million to $2.25 million. The highest activity for condos is in the $200,000 range. The other telling statistic is the average days on market has dropped to 330 days, which seems like a lot, but for a while it was in the 400- to 600-day range.  

What does this mean for the seller? If you’re thinking of selling, now’s the time.  To get top dollar when selling your property, you should take advantage of the low inventory. Here’s the thing:  supply and demand affect what you’ll get for your home. When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home. If you put your home on the market now, you’ll be up against less competition, making your home look much better.  

What does the current market mean for the buyer? Since there are far fewer homes on the market, there’s more competition for those available homes. Here are a few tips. When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Remember, inventory is low.  


Give us a call so we can tell you where to be positioned and how to be successful in this market.  Please contact us at (970) 333-3029.  We’d be happy to assist you.