Wednesday, July 22, 2009

Interesting Numbers Presentation...

In our office meeting this morning we were presented with some very interesting statistics as to where the market is heading, where we have been and the new definition of "normal" that we are all going to have to learn to live with.

Overall, Forsyth county in particular seems to be faring well compared to it's closest counterparts, especially Alamance and Guilford counties. I am going to focus on the numbers from the WS MLS because that is where I hold my membership, that is what covers the majority of Forsyth county and what effects most of you readers.

As of right now, based on Winston-Salem MLS stats, the following holds true:

Average Active Days on the Market-----148 days

Average Active Listing Price------------$236,839

Average Closed Price-------------------$172,888

Total Active Units-----------------------2,995

Total 2009 Closed Units-----------------1275

List Price to Close Price Ratio for 2009---95.63%

2009 Current Inventory Supply----------10.5 months

The most interesting part of this presentation was that homes listed over $600,000 in our area have a 36 month average time on the market!! By contrast, under $599,900 the time is cut in 1/2 at just 18 months! Attributed to difficultly in obtaining jumbo mortgages, foreclosures, conservation of resources and influx of inventory, the message is that pricing does matter.

More numbers to follow as the report is emailed to us...these are just from my notes...amazing stuff...recovery of pricing and stabilization not expected until 2012...let's settle in, get used to these numbers, familiarize ourselves with our market and make the best of our situation, as it is more fortunate than others across the nation!

Ciao!

Brooke

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