JtReport: January Statistics Show Continued Improvement

By Emily

Just released is our January 2013 Market Report for Carroll County and it can be viewed here: January 2013 YTD stats. Residential sales are still looking good! Number of sales are up 19% (great!) but new listings are up 30% (not good), compared to this time last year. So it’s a slight buyer’s market, but still pretty balanced. The median sale price is up 2.5% and if you do the math you’ll see that the average sale price is slightly lower than this time last year: it was $184,500 at the end of January 2012 and is $182,268 now, a temporary correction, I hope.

House and Keys in Female HandsThe Condo market continued to see stabilization in January. New listings are the same compared to this time last year, and sold listings are up 10%, which means we are using up condo inventory! The median sale price is up 29% and if you look at the average sale price, it went from $106,930 at this time in 2012 to $134,000 now, which is great news. The lower priced condos have sold and now the higher end units are selling, resulting in a higher average price. In not so great condo news, the average days on market went way up compared to this time last year, from 121 in 2012, to 265 in 2013. Since we have consistently seen the days on market going down in the past few months, I think that it’s safe to say that the number could be from the sale of a few condos that had been on the market for a very long time, which might not paint the most accurate picture of the market as a whole.

Make sure your listing has what it takes to stand out from the rest of the inventory. Mortgage rates are still low, but predicted to rise significantly in the next few years and it is still a great time to buy. We’ve rounded the housing market corner and are in this great time where buyers aren’t as scared to make a move and mortgage rates haven’t bounced back from their all-time lows. This is still a price driven market, so be sure you’re positioned competitively. If you’d like an updated Market Analysis on your property, just ask, or fill out an online CMA.

Your Realtor,

Joy

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