How long we will be using the phrase “in the current economy”? It is a point of reference, one that calls our attention to important considerations when deciding where we want to live and how to arrange our finances to ensure our comfort extends beyond the walls of our homes, to include our wallets and savings account as well.
Let’s pause and have a look at June.
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.
84 new residential listings were added to the market in Lamoille County between June 1 and June 30. While there were 106 new listings at the same time last year, this is only 6 fewer new listings than in May of this year.
22 properties received an offer in June, up from 17 for the same period last year and up from 15 for May of this year. 18 properties sold in June. 24 had sold during the same period last year and 21 in May of this year.
The median sale price in June was $272,950. It was $204,500 at the same time last year and $239,500 in May. The list-to-sell ratio for June 2011 was 89 %. This is down 5% from June 2010. The list-to-sell ratio for May of this year was 96 %.
We must keep in mind that well-advised sellers understand that their asking price must reflect actual local market values. Also, not all sellers are trying to make a profit; some simply hope to move on to a new chapter. Thus, a difference between listing price and sale price does not necessarily reflect an undesirable outcome.
Properties that sold in June 2011 had been on the market on average 196 day, up from 168 days during the same period last year, but down from 217 days for May of this year.
Things are changing. For several months, home buyers were less likely to walk into a Real Estate Office spontaneously. Buyers and sellers alike were cautious. They are not any less cautious of course. Quite to the contrary, they are increasingly better educated and prepared, but the fact that more feel compelled to stop in on the spur of the moment certainly indicates a renewed sense of confidence, and even playfulness.
Buying or selling a home is serious business, but when we can manage to face this life-altering decision with a sense of confidence, then joy, not fear, may be allowed to inspire the process.