2009 was a rocky year on the national real estate scene. Homes that had been flying off the shelf were now lingering for months (and commanding thousands in price reductions).
Thankfully, real estate is a local business. Changes in one area do not necessarily mean adjustments in another. As the year ends, let's see how the Pineville,La market faired in 2009.
Based on MLS (Multiple Listing Service) data, 317 homes sold in the 75k-250k price range. On average homes commanded 96% of there list price. In other words, home sellers were getting close to their asking price. Also, homes in this range averaged 91 days on the market.
So...what does this tell us about the health of the market. Generally speaking, a buyer's market is one that has six months of inventory or more. In our market, we have only 91 days worth of supply. Defiantly a good indicator! Also, homes are going for 96% of there list price. Thus, if sellers price according to market value, they should be fine. Sellers that overprice though, will often be forced into price reductions before getting an offer.
This data, coupled with the extension of the 8,000 dollar tax credit, point to good things in 2010! As always, feel free to contact me directly at (318) 613-1994 to discuss your Cenla housing needs!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment