Let’s take a look at the real estate market. Currently there are 219 sales pending in the market overall, leaving 743 listings still for sale. The resulting pending ratio is 22.8% (219 divided by 962).
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply. Current inventory is described as “mildly active.”
The $150K – $200K price range has a relatively large number of contracts pending sale.
The $200K – $250K price range has a relatively large inventory of properties for sale at 142 listings. The average list price (or asking price) for all properties in this market is $334,531.
A total of 780 contracts have closed in the last 6 months with an average sold price of $232,350.
Breaking it down, the $150K – $200K price range contains the highest number of sold listings.
Alternatively, a total of 189 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K – $250K price range has the highest number of off-market listings at 37 properties.
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