Are you an optimist or a pessimist? In today’s economy, well, let me rephrase this, in any economy, it is easy to take one stance over the other. It depends on what we hear from the media and from others and how we respond to this.
Massachusetts Mortgage Broker and friend, Bill Nickerson, recently made this observation, “When I hear someone say we are doomed until the year 2025, I believe that is misinformation or placing fear in those who are already scared.”
I must agree with our friend Bill. It is possible to be realistic without being an alarmist. At the very moment we believe things are “not looking good”, we may be blind to events that lead to an entirely different outcome than expected.
As the media bring to light the full spectrum of analysis and interpretations, time flows and brings us to mid-June, already. Let’s pause and have a look at May.
As usual, the data that follows pertains specifically to residential properties in Lamoille County and to all Real Estate establishments with listings in this county that also appear in the Multiple Listings Service system (MLS). It does not include any activity not listed within the MLS. To keep this simple, I have rounded numbers and percentages.
90 new listings were added to the market in Lamoille County between May 1 and May 31. This is a 3 % increase from the same time last year and 28 more new listings than in April of this year.
15 properties received an offer in May, down from 22 for the same period last year and down from 23 for April. However, more properties sold in May (21) than in April (17).
The list-to-sell ratio for May 2011 was 96 %. This is 3 % higher than in May 2010. The list-to-sell ratio for April of this year was 89 %, thus properties seem to be selling even closer to the asking price at this time.
Increasingly, sellers and buyers learn to navigate the market and recognize value. While sellers may be more inclined to price their properties based on actual local market conditions, buyers are better equipped to recognize truly market-based prices.
Properties that sold in May 2011 had been on the market on average 217 days. Properties that sold in April had spent an average of 282 days on the market. Thus, while properties spent more time on the market than in May 2010 (176 days), they sold in 65 fewer days than in April.
As evidenced in our month-to-month overview, the economy is always fertile ground for change. It is never a place of stagnation, unless we make it so; and we usually make it so only in our minds.