I’m a numbers guy so I find the information on the link below pretty interesting. Many will find this post a little dry, but it’s good to know what is happening in the local real estate market. All the stuff we hear on the national or even state level distorts our reality. All real estate is local, and every market is different.
Our Multiple Listing Service (MLS) is called WRIST, short for Western Real Estate Information Systems and Technology. This MLS covers Auglaize, Champaign, Clark, Logan, Mercer, Miami, and Shelby Counties. The information is set up so that one can few the same information for the current six month period against the same six month period going back every year to 2003.
Here is the link: http://www.wristinc.com/August2010/2010%20Half%20Year%20Stats.pdf
I am going to summarize the stats for the total market area first, then Clark and Champaign counties separately. Clark and Champaign counties are where our three offices are located and where we enjoy dominate market share. I am going to set each of the stats against last year, and then set them against the 2005 market peak.
For the entire WRIST sales area:
All Counties 2009 2010 % Change to 2009
Number Sold: 1545 1987 +28%
Average Sold Price: $101,204 $99,770 -1.5%
Total Sold Volume: $156,359,654 $198,242,687 +27%
Average Days on Market: 147 136 -11
Average Original List Price: $114,096 $110,858 -3%
Average List/Sale Price Ratio: 88.70% 90% +1.3
All Counties 2005 2010 % Change to 2005
Number Sold: 2446 1545 -36%
Average Sold Price: $111,159 $99,770 -10%
Total Sold Volume: $271,896,096 $198,242,687 -27%
Average Days on Market: 118 136 +18
Average Original List Price: $118,831 $110,858 -7%
Average List/Sale Price Ratio: 93.54% 90% -3.54
For Clark County:
Clark Only 2009 2010 % Change to 2009
Number Sold: 459 509 +11%
Average Sold Price: $93,196 $88,381 -5%
Total Sold Volume: $42,776,805 $44,985,736 +5%
Average Days on Market: 126 124 -2
Average Original List Price: $103,839 $97,533 -6%
Average List / Sales Price Ratio: 89.75% 90.62% +.87
Clark Only 2005 2010 % Change to 2005
Number Sold: 742 509 -31%
Average Sold Price: $97,031 $88,381 -9%
Total Sold Volume: $71,996,981 $44,985,736 -38%
Average Days on Market: 112 124 +12
Average Original List Price: $103,472 $97,533 -6%
Average List / Sales Price Ratio: 93.78% 90.62% -3.16
Champaign County:
Champaign Only 2009 2010 % Change to 2009
Number Sold: 120 162 +35%
Average Sold Price: $90,053 $95,649 +6.2%
Total Sold Volume: $10,806,318 $15,495,151 +43%
Average Days on Market: 135 158 +23
Average Original List Price: $103,485 $108,097 +4.4%
Average List / Sales Price Ratio: 87.02% 88.48% +1.46
Champaign Only 2005 2010 % Change to 2005
Number Sold: 228 162 -29%
Average Sold Price: $109,716 $95,649 -12.8%
Total Sold Volume: $25,015,147 $15,495,151 -38%
Average Days on Market: 124 158 +34
Average Original List Price: $116,386 $108,097 -7.1%
Average List / Sales Price Ratio: 94.27% 88.48% -5.79
Champaign County has had a significant rebound for the first half of 2010. Clark County has also improved this year but not by nearly as wide a margin and not in all metrics. The impact of the home buyer tax credit during the first half of the year cannot be overstated. The expectation is that the credit pulled business forward from the second half of 2010. Therefore, I believe the entire year 2010 to 2009 will be flat.
‘Flat’ however, is the new ‘up’. I’ll take flat over another year over year decline any day.
The point to all of this is, as a buyer, you want to understand the market and make the best deal possible. As a seller, knowing where the ‘sweet spot’ in the market is will ensure you price your property to sell as quickly as possible and maximize your potential sales proceeds.
It truly is a great time to buy, which means well maintained houses priced correctly, are moving very quickly.
If you have any questions, do not hesitate to contact me. Chris@RealEstate2.com.
