The January Local Market Update
The January stats are out. We are still in a seller's market in single family homes. A seller's market exists when there is less then 6 months of inventory available for sale; as you can see by the below chart single family homes are in a seller's market. When in a seller's market most of the power of negotiation is with the seller. You can see that the average home sold for about 94% of it's original sales price with many properties having multiple offers. The townhouse and condo market is more neutral with 6.2 months of inventory this market is slight buyer's market.
You might ask why are these market's different. A lot of it has to do with financing of the properties. Most Condos DO NOT qualify for FHA (federal housing Administration) loans. FHA loans are the most flexible allowing buyers to acquire properties with as little as 3.5% down.
Call me with any property or financing concerns or questions here.