Dismal Start for 2012 Cookeville Area Housing Market
It's funny how perception and reality can sometimes be so very different. Just two blog posts ago I told you that the Cookeville Spring rush seemed to be starting early again this year. It definitely felt that way to me, because I've been working overtime trying to keep up. I've been super busy, and so have many of my fellow agents/friends.
Imagine my surprise then, when the latest market report for January 2012 showed a very different perspective.
January 2012 Sales YTD are down 28.91% over the same time last year!
This number is comprised of all the counties that are members of the Upper Cumberland Association of Realtors. This primarily includes the towns of Cookeville, Algood, Monterey, Sparta, Baxter, Livingston, Rickman, and Gainesboro. (Also some smaller locales within the counties.)
A closer look at the numbers:
Total number of homes sold for the entire area: 73
Total number of homes currently available: 1375
Average Sold Price: $117,717
Average Days on the Market: 144
Of those 73 homes sold in January, 20 of them were bank owned foreclosures.
So, what is my take on this? We are caught in a vicious circle. I have pre-approved buyers desperately looking for a home to buy. They can't find a home they like because sellers are terrified to put their house on the market. The buyers keep waiting and searching, and sellers keep watching and waiting for the market to improve.