September 2009 Market Trends for the Big Canoe Community:
· Current Home Inventory in Big Canoe is now at 241 vs. 261 in August. Please note inventory numbers below.
· Days on market for August were 65 vs. 157 in August (Homes sold). 205 Days on market (Homes for sale).
· Big Canoe’s overall month’s supply of inventory is … 28.3 months vs. 32.8 last month.
· 58 homes have sold YTD vs. 55 homes YTD September 2008 vs. 76 homes YTD September 2007 vs.
115 homes YTD in September 2006 vs. 157 Homes YTD September 2005.
· The average sales price in September was $241,000 compared to $431,673 in August 2008.
Big Canoe Community Homes Sold YTD 2009:
|
Price Range
|
# of Homes Sold in Price Range
|
% Representing Homes Sold
|
Homes Listed
|
% Listed
|
|
Less than $200K
|
10
|
15%
|
15
|
6%
|
|
$201K - $250K
|
4
|
7%
|
15
|
6%
|
|
$251K - $300K
|
9
|
17%
|
22
|
9%
|
|
$301K - $350K
|
10
|
15%
|
22
|
9%
|
|
$351K - $400K
|
7
|
13%
|
37
|
15%
|
|
$401K - $450K
|
5
|
9%
|
15
|
6%
|
|
$451K - $500K
|
2
|
4%
|
27
|
11%
|
|
$501K - $550K
|
6
|
11%
|
14
|
6%
|
|
$551K - $600K
|
2
|
4%
|
14
|
6%
|
|
$601K - $700K
|
2
|
4%
|
22
|
9%
|
|
$701K - $800K
|
1
|
2%
|
14
|
6%
|
|
$801.0 >
|
0
|
0%
|
24
|
10%
|
|
TOTAL
|
58
|
100%
|
241
|
100%
|
Summary
Overall volume (dollars) in The Community of Big Canoe is down 19.57% (-$5.6M) vs. YTD 2008. Yes, we have now had another month show an increase in home sales for Big Canoe. Although we are happy to see this, we sure would love to see more activity in home sales above $450,000. This simply is a market condition that needs improvement.
Total homes listed dropped by 20. There was a decrease in every price point except $451k-500k, which increased by 3.
As REALTORS® and you, our homeowners of Big Canoe, we must get the below message out to the world:
Home affordability, as defined by the National Association of Realtors’ Housing Affordability Index, stands near all-time highs, thanks to declining prices and historically low mortgage rates. Yet, while some consumers hold off on purchases as they attempt to catch the home-price bottom, they could miss the mortgage-financing opportunity of a lifetime.
Late last year, the Federal Reserve Bank stepped in with a promise to purchase $500 billion in Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities, and raised that figure to $1.25 trillion in March. The move, combined with loan-modification initiatives and other federal intervention, restored investor confidence in the secondary market and mortgage rates declined rapidly. This condition is certainly unique and, likely, short-lived. One thing is crystal clear: the odds that mortgage interest rates will rise are much greater than any continued mortgage-rate decline. And for most home buyers, the cost of mortgage financing can be as important as the price of the home itself. Customers waiting for the absolute lowest price on a house could miss a golden financing opportunity and the lowest overall cost of homeownership.
In closing, we are pleased to see home for sale inventory dropping in Big Canoe. This improves your odds of more showings and ultimately, hopefully a closing contract. With this in mind, work closely with your agent to make sure you are priced correctly. Then make sure your home shows at its “Best”!
And remember, we love referrals!
www.BestMountainProperties.com and www.TheBeechlerGroup.com for all your real estate needs.
Until next time,
Tom and Kelly
Owner / Principal Broker
Century 21 Best Mountain Properties
Source: Broker Metrics / FMLS
