Sales Up, Inventory Low
|by Darrin DeRoches
July 10 - 16, 2014
The month of June has shown big numbers in Sales and Listings. The market is strong and people are on the move. There were 2215 properties listed in June which was an 11.5 per cent increase over last year but the inventory was down by 5 per cent by the end of the month. The sales for June were 1572 properties with and average sale price of $399,917. This represents a 15.6 per cent increase in sales from the same time last year.
This is showing how strong the market is plus the fact that people are making moves in the market. Prices are rising by about 5 per cent from last year and everyone is reaping the rewards from this strong market. The average time that a house sits on the market is about 35 days which is down from last year. This all points to a strong market which creates a low inventory and this means that if your house is not selling, it can be due to one of two things. Either it is overpriced or your agent is not marketing it properly.
Every house has a buyer out there but in some instances it may be hard to find the buyer if you are priced wrong or not being serviced properly. Some agents just put the house on the system and wait for the phone to ring. The problem is that the phone is not ringing because the house is overpriced. Then there are the properties that are priced properly but the agent is not actively working the leads and making a sale happen. Some agents do not help the process along and buyers decided to purchase competing homes instead. If your home is sitting on the market longer than the average home, you should take a serious look at your situation. Is it the price, the agent or the home itself? You may need to do some painting, landscaping, change the price or change your agent.
This strong market does not create dumb buyers or huge competition. Buyers are still informed and you have to present your property in its best light to get the fast sale. Top dollar and quick sales only happen when everything is working in alignment. The agent and the seller work together to make the property presentable, priced right, and marketed properly. This time of year you have to watch out for long weekends and weather to hit the market at the right time. Having an open house on a long weekend and asking for offers that same week is a huge mistake. You cannot do a price drop when nobody is paying attention.
The sales are up and inventory remains low but you still have to work to get the best price. There are still good deals in the market you just have to know when to make an offer and see what the market has missed since everyone is about to either go fishing or take a vacation. Timing can be everything. V