As we move into spring and the weather is warming, so is our market. Active residential listings for sale (in our area MLS or listing service) is about 15719, having dropped from about 17348 total from just 4 weeks ago.  Buyers and buyer’s agents are feeling the pinch in choices, the pressure of bidding wars, the disappointment when the buyer doesn’t win offer acceptance.

It’s a pressure cooker in prices up to the $200,000 range.  However, supply is decreased and resulting in a seller’s market even up to $400,000.  Look below this blog entry to see the difference in the way the market is currently behaving across various price points,  courtesy Daily Observations from Cromford Report, February 26, 2012.

Sellers are in a dramatically stronger position than last year.  Homes up to the range of even $350,000, located in popular communities,  in good to great condition, showing well, and priced correctly (even when slightly over priced) are selling quickly. 

If you are a seller with a home priced in this range and are wondering why you aren’t receiving your share of offers, take a hard look.  Fresh paint? Newer looking carpeting? Well kept yard?  De-cluttered?  Realistic about pricing?  Take an honest look, make needed improvements or  pricing corrections, do not miss the opportunity with which  this spring’s strong market is gifting you!

Daily Observations from Cromford Report-Feb 20-26

February 26 – The market is behaving very differently at different price points.

• Below $100,000:
  • supply is down 63% from last year with REOs down 86%
  • pending listings 17% below last year, constrained by severe lack of supply
  • monthly sales rate is 27% below last year, constrained by severe lack of supply
  • contract ratio is an alarming 421.4
  • this is a market that is extremely weighted in favor of sellers
  • $/SF sales pricing is up 10.7% from last year and up 2.7% in the last month
  • sales pricing is highest since August 2010
• Between $100,000 and $200,000
  • supply is down 44% from last year with REOs down 72%
  • pending listings 7% below last year, constrained by lack of supply
  • monthly sales rate is 1% above last year, constrained by lack of supply
  • contract ratio is a very high 207.4
  • this is a market that is heavily weighted in favor of sellers
  • $/SF sales pricing is up 4.1% from last year and up 2.3% in the last quarter
  • sales pricing is highest since June 2010
• Between $200,000 and $400,000
  • supply is down 25% from last year with REOs down 60%
  • pending listings 20% above last year
  • monthly sales rate is 7% above last year
  • contract ratio is a high 83.9
  • this is a market that is weighted in favor of sellers
  • $/SF sales pricing is up 2.3% from last year, but flat over the last quarter
• Between $400,000 and $800,000
  • supply is down 14% from last year with REOs down 46%
  • pending listings 3% above last year
  • monthly sales rate is 8% below last year
  • contract ratio is a normal 42.0
  • this is a market that is in balance
  • $/SF sales pricing is up 5.3% from last year and 3.4% in the last month
  • sales pricing is surprisingly strong, and at its highest since June 2009
• Above $800,000
  • supply is down 17% from last year with REOs down 42%, but supply is up 18% since August 2011
  • pending listings 1% below last year
  • monthly sales rate is 21% below last year
  • contract ratio is a weak 16.0
  • this is a market that is weighted in favor of buyers
  • $/SF sales pricing is down 8.4% from last year
  • sales pricing is still on a slight weakening trend