So, What’s Happening in Real Estate?
Can’t tell you how many times anxious people have asked us this question over the last while. And contrary to wishful thinking, we can’t provide the crystal ball answer, however, here are some relevant facts worth considering:
- The average combined residential sale price for September 2006 is showing a 45.6% increase over September 2005
- The number of residential listings for September is up 11.9% over August 2006
- Although the average condominium sale price for September is up 57.9% over September 2005, and up 4.3% over the August average, there was a 8.7% decrease in the number of sales for that same period last year and a 17.8 % decrease compared to August
What does that mean for the current market?
With inventories now exceeding three months supply, we are no longer in a booming market. Buyers should not become too confident about this situation, however, as they may once again pay more next year. Sellers needing to sell in 2006 must prices themselves competitively for a success.
Careful consultation with a Realtor is more important than ever.
That’s where we come in! We’re happy to help.
