Stonegate, the largest subdivision in Parker, is having a banner year in sales. The number of sales has increased 24% over last year at this time and the average home price is up 9%. Also, the median days on market (DOM) are down 62% (31 DOM) and the month’s Inventory is at an all time low of 2.1%. These four indicators suggest that Stonegate is in a strong seller’s market.
However, two additional stats imply that while strong it is not as robust as sellers might wish. First; the Average Price over Average Original list price is at 96.7%. That tells us sellers are still pricing their home almost 2% too high. In a very strong sellers market, the sold price will normally be higher than list price but currently it is at 98.6%. Second; over half of the sales (51%) still had concessions. The good news is that the average concessions are down to 0.7%. In only 6% of this years Stonegate sales, did the Net Sales Price exceed the List Price; showing that it is still not an exceptionally strong seller’s market.
With reasonable expectations, sellers can move forward with assurance that it is a very good time to put their home on the market (especially in light of historically low interest rates and low inventory). Because of the current unstable economic conditions; sellers need to understand that most buyers will still want concessions to help with closing costs. Savvy sellers will also choose a Realtor who understands the constantly shifting market and is an expert on pricing and marketing homes. Pricing the home correctly at the start will insure the best outcome for maximum return on investment.
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