Say Goodbye To The Bottom! The Corner Has Been Turned.

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Categories: Market Statistics, Real Estate News Posted on May 27th, 2009

I have been saying this would happen… This is a simple lesson of supply and demand and the latest stats (which always show the previous month) reveal that homes are selling for closer to asking price and there are less homes on the market. Here are a few graphs from MRIS (our local MLS board).

The stats above show that overall… there is around 50% less homes on the market this year than last year at this time!

Sellers are also beginning to get more for their homes as inventory decreases. As this trend continues, buyers will have to pay over asking price to get closing cost covered… We are already seeing it, which can cause appraisal issues in the current market.

Relocating To Loudoun County VA???

This entry was posted on Wednesday, May 27th, 2009 at 1:01 PM and is filed under Market Statistics, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

This Aint Last Year’s Real Estate Market said at June 1st, 2009 at 2:44 PM
[...] Say Goodbye To The Bottom! The Corner Has Been Turned. [...]
Zack said at June 1st, 2009 at 6:16 PM
ListingSupply.com, which includes MRIS in its tracking, has been showing that inventory is falling nation wide. I really do think we’ve turned a corner. I’m just not convinced that prices are ready to start rising just yet.
Farmington, Utah said at June 11th, 2009 at 9:21 AM
About time! My parents have been harassing my non-stop about the declining value of their house. It’s good to see the real estate market at least starting to rebound.