The June 2008 statistics on Guilford County continue to show a steady market that remains to be a buyers market. Although the ratio of new homes listed versus the combinations of pendings and closings is starting to close the gap. This will eventually bring the inventory levels down as buyers continue to find those deals and move forward to buy.
RESIDENTIAL HOME SALES: New Listings Pending Contracts Closed Homes Avg DOM % SP vs LP
June 1018 540 548 86 96.67%
YTD 6468 3257 2810 93 96.67%
We can see a trend now from May and now June were the home sales is picking up pace and starting to eat away at the surplus of homes for sale. In past months new homes listed outpaced the selling side. Also the prices have gone up. Where as the average closing price YTD is $180,485 in June the average closing price was $193,044! So we are actually seeing some larger priced homes move. Many of the transactions are first time buyers and investors but, to see the closing price creeping toward the $200,000 mark means to bring the average up like that some higher end homes are moving also.
The Days on Market fell last month to an average of 86 from a high in April of 102. As I have experienced with my buyers they have realized that there are more and more buyers coming into the market. Homes they have been looking at that they really liked are being bought out from under them. Which is really an eye opening experience and is good for business since then they do not procrastinate.
Now these statistics are just for Single Family Homes so we are not even speaking of the condo/townhome market. So the homes coming into the market place are moving right on out. So as I have stated many times in the past IF YOU PRICE IT RIGHT IT WILL SELL!!
