Marsh Oaks Market Report for October 24th 2016
Let's Take A Look...
at the real estate market. Currently there is 1 sale pending in the market overall, leaving 7 listings still for sale. The resulting pending ratio is 12.5% (1 divided by 8). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
"Current inventory is described as somewhat slow."
Taking a closer look, we notice that the single pending listing is found in the $400K - $500K price range. We also notice that the $400K - $500K price range has a relatively large inventory of properties for sale at 2 listings. The median list price (or asking price) for all properties in this market is $460,000. A total of 15 contracts have closed in the last 6 months with a median sold price of $455,000. Breaking it down, we notice that the $400K - $500K price range contains the highest number of sold listings.
Alternatively, a total of 3 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $400K - $500K price range has the highest number of off-market listings at 3 properties.