February market Report

By
Real Estate Agent with Windermere Real Estate

Homes come on and off the inventory every day.  Last week 22 new listings came on and 27 expired or were taken off the market.  As of March third, 254 are currently on the market.  Last month there were 264. Rather than more, there are different homes to see.

     In the most affordable range (under $200,000) there are 48.  Ten came off, six went on.  Priced from $200,000 - $249,999 there are 38, with three leaving and seven added. The next segment ($250,000 - $299,999) had four go off market and four come on for a total of 53 available.  Looking at the $300,000 - $349,999 priced homes we have 38 available with two taken off and one added.

     In the top half of the market segments, inventory is down strongly from last year and movement is much less dynamic.  For homes priced from $350,000 - $399,999 - there are nineteen on the market.  Last year at this time there were 41.  Three went off market and one came on last week.  $400,000 - $499,999 homes lost one in inventory last week. None came on.  Last year there were 22.  Last month there were 27 and now we have 15 to choose from.

     At the beginning of March in 2007 there were 21 homes offered between $500,000 - $599,999.  Our current inventory is 10.  Last week two went away and two more came on. 

     The top segment of $600,000+ has remained virtually unchanged in number; eighteen last year, eighteen last month, seventeen now.  Last week two left and one came aboard.

     Sales activity is down from last year.  By this time last year 54 homes had sold.  This year it's 42.  Over the last six months, home sales are off by 24 when compared to the same time period in ‘07 with 168 versus 192 respectively. 

    Homes under $200,000 are still in stronger supply than last year and with a good stock of them to choose from, home buyers are making that the fastest inventory turnover year-to-date with an average days on market of 77.  Conversely,  homes in the $500,000 - $599,999 range are taking about 50 weeks.  Year-to-date, the days-on-market average is almost four months.

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