Real Estate Stayed Warm thru January
January 2014 was cold but it did not put a chill on real estate which continues to rebound. “It’s a positive sign for the coming year and home selling season just ahead,” commented John Burgess, owner of Camden Hills Realty.
Looking at single family home sales for Knox and Waldo Counties we saw unit sales just about flat with the previous year but a 25% increase in the dollar volume transacted which is a reflection of the mix of sales.
January’s average home sale was in the neighborhood of $230,000. A two (2) year running average for January sets the number around $204,000. When comparing numbers, the mix of sales drives such averages up and down. It is best to focus on units sold which continues to trend upward looking over the last year.
Before we break out the party hats and favors, it is important to note that locally January’s volume is traditionally light. January saw 19 single family homes sold in Knox County and 13 homes sold in Waldo County. The two counties represent 43 cities and towns. That’s less than one sale per community.
The big action by Maine standards is in York and Cumberland Counties with over 450 sales which was 45% of the all the sales that took place in January in Maine, largely a jobs driven marketplace. Southern Maine has always been strong.
Another indicator of an improving market is pending sales. There are about 108 sales pending in Knox and Waldo Counties which most likely were put together during our chilly month of January. The number represents about 10% of the available single family homes currently being offered for sale.
We have commented in the past that the buyers and sellers are approaching the point of being on equal ground. In a very broad sense, sales are coming together within about 10% of the asking prices. It shows that buyers still have some power to negotiate.
As a seller, pricing, product and visual presentation are critical to a successful marketing campaign leading to a sale. Make sure your agent is on board with a well developed plan to sell your house. We suggest that you use the month of February to review your agents plan. It’s smart business on your part to do so.
Should you have any questions about real estate feel free to contact John Burgess at Camden Hills Realty (firstname.lastname@example.org). 2014 is off to a good start.