Watching the Weekly Market Report can be helpful in determining whether you are in a buyer’s market or seller’s market. Normally, it is considered a seller’s market if the average home is selling under 5 months, a balanced market when selling between 5 to 7 months, and if a home is taking longer than 7 months to sell, it is a buyer’s market.
As you will see below, we have a balanced market on new homes and a big buyer’s market for exisiting homes. The demand for new homes is hurting the sales of existing homes. This is good for buyers if you are looking for a good buy on an existing home, but it is really hurting those families that are trying to sell their homes. We have seen an increase this year in foreclosures and short sales. To learn more about avoiding foreclosure, Go to our Resources on Foreclosure Options
Each week I will list the following market statistics for new and existing homes and townhomes for Jacksonville and Onslow County:
New Listings for the week: 72
Expired Listings for the week: 15
Price Changes for the week: 119
Sold Listings for the week: 44
Listings Currently Pending (under Contract): 327
Listings Currently Active: 2196 New: 851 Existing: 1345
Total Listings Sold Last Month: 215 New: 129 Existing: 86
For New Homes: Divide 851 by 129 = 6.6 months We have a balanced market for new homes.
For Existing Homes: Divide 1345 by 86 = 15.6 months and a big buyer’s market for existing homes
Average Days on the Market for those that Sold last month: 111
Average Days on the Market for those still listed as Active: 155