Modest improvement is reported in buyer/seller ratios and in home price appreciation across the country in the third quarter, compared to the second quarter of 2007, but other key housing sales activity indicators remain largely unchanged, according to HouseHunt’s Current Market Conditions random survey of member agents.
Thirty-two percent of respondents reported more buyers than sellers; 54% reported more sellers than buyers, and the remaining 14% said the ratio is about 50-50. This is an increase of three percentage points for buyers since the last quarter and the highest total since the third quarter of 2006.
When asked about annual home price appreciation in the past 12 months, 53% of respondents reported flat to small positive gains. The biggest jump was in the 0-5% range, where 34% said prices were up. Another 19% said home prices were up more than five percent. Forty-seven percent of respondents said prices declined in their communities in the past year. This compares to 61% reported in the second quarter.
“Our latest survey shows that the demand for housing is still there,” observed Michael Bearden, president and CEO of HouseHunt, Inc., a consumer-oriented Internet firm that supplies free information and services to homeowners, home buyers and home sellers in 47 states through nearly 2,000 member agents and its primary Web sites, HouseHunt.com and moveUp.com. “Even though many buyers are on the sidelines waiting for conditions to improve, the message for Realtors is to stay in front of the customer and be ready to provide the service, the expertise and the professionalism needed as the market becomes more balanced between buyers and sellers.” Other highlights of HouseHunt’s most recent national and regional survey are:
Time on the market lengthened somewhat in many parts of the country. Eighty-six percent of member agents now report that it takes more than 60 days, on average, from listing to contract to sell a house. Of that figure, 62% estimated that it takes more than 90 days. Three years ago, 75% of respondents said it took 60 days or less, on average, to sell a house.
Asking price vs. sales price. On average, 51% of home sellers are getting 95% of their asking prices, respondents said. Six months ago the figure was 65%.
Buyer activity
Repeat buyers continue to outnumber first-time buyers by a two-to-one margin. With few exceptions, this ratio remains consistent in most markets across the country.
Multiple offers
Only 31% of respondents reported that their home sellers are still getting multiple offers. This figure is unchanged for the past three quarters.
Inventory of unsold homesThe total continues to grow toward record levels, thanks to a sluggish housing market and problems of liquidity, problem loans and bank repossessions. Nationally, 95% of respondents report a good supply in all price ranges.
“Third quarter regional results reported in the survey show just how uneven the national housing market is, especially in the Northeast where 51% of HouseHunt member agents reported more buyer activity even though homes are on the market longer and prices are declining,” Bearden noted. “Eighty-two percent of respondents reported some negative appreciation over the past 12 months.”
He also pointed to a percentage-wise decrease of first-time buyers in the West region. Only 17% were identified as first-time buyers vs. the national average of 34%.
Better results are reported in Texas, where 60% of respondents said that homes are selling in 60 days or less. Also, sellers are getting 95% of asking prices, on average.
Here are samples of individual housing market reports:- Dianna Cannan of Keller Williams, exclusive HouseHunt member agent for Huntsville, Texas, reported that average home prices are up five to 10% and that most sellers are getting 95-100% of asking prices.
“Our job and population growth, along with our proximity to a booming Houston job market, are good reasons to buy a home here,” she said. The average home price is $125,000.
- Emmaniece Gordon of Keller Williams in Millersville, Maryland, exclusive HouseHunt member agent for Woodmore, Maryland, said average home prices are up five to 10% in the past 12 months. Average time on the market is 90-120 days. Average home price is $250,000.
- Stephanie Gilkison of The Gilkison Group, exclusive HouseHunt member agent for Shawnee, Kansas, said most of her sellers are getting 95-100% of their asking prices even though average time on the market is 120-days plus.
“Shawnee has a lot of great new homes communities that are priced exceptionally well for the current market. This is one of the most affordable cities in Johnson County in relation to the size home you can buy with your dollar,” she said. Average price home is $300,000.
- Larry Shakman of InterMLS in Naperville, IL, exclusive HouseHunt member agent for Aurora, IL, reported more sellers than buyers and an average home price of $325,000. He said most of his sellers are getting 94% or more of their asking prices. Average time on the market is 60-120 days in this Chicago metro area territory.
- Jesse Mag of Coldwell Banker, exclusive HouseHunt member agent for Brightwood, Colonial Village and Shepherd Park in the District of Columbia, said most sellers are getting 90-95% of asking prices when priced correctly. Average price is $550,000 and average time on the market is 60-90 days.
“We have lots of potential buyers, who are uncommitted, and lots of sellers who are c committed to sell,” Mag said.
- Finally, Deirdre Salomone of Prudential California Realty, exclusive HouseHunt member agent for the Silver Lake territory near downtown Los Angeles, CA, reported an equal number of buyers and sellers. Average home price is $725,000 and the inventory of unsold homes is
limited, she said. Average time on the market is 60-90 days.
*This Article was taken from RISMedia
Labels: Buyer, For Sale, Sellers, Tips
