REL ESTTE RKET REPORT CHELSE Su Tu W Th F Sa Sunday, December 3 4 5 6 7 8 9 3 4 5 6 7 8 9 3 4 5 6 7 8 9 8 3 3 TBLE OF CONTENTS Charts and Commentary.. Pages - arket Summary Table.. Page 3 Glossary... Page 4 nn rbor Keller Williams Realty 334 Baker Rd. Dexter, ichigan 483 www.homesearchnnrbor.com www.kathytoth.com 734-669-337 734-46-6669 www.facebook.com/kathytothteam www.linkedin.com/in/kathytoth @annarborrealtor YouTube.com/KathyTothTeam Real arket Reports www.realarketreports.com
REL ESTTE RKET REPORT CHELSE Sunday, December, 8 Let's take a look at the real estate market. Currently there are 8 sales pending in the market overall, leaving 57 listings still for sale. The resulting pending ratio is.3% (8 divided by 65). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked! 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. lternatively, a low ratio means there are not enough qualified buyers for the existing supply. "Current inventory is described as somewhat slow." nn rbor Keller Williams Realty 734-669-337 Taking a closer look, we notice that the 3K - 4K price range has a relatively large number of contracts pending sale. We also notice that the K - 3K price range has a relatively large inventory of properties for sale at 9 listings. The median list price (or asking price) for all properties in this market is 364,. 8 6 4 8 6 4 Properties For Sale Contracts Pending ber of ings For Sale vs. Pending Contract CHELSE Updated on //8, www.realarketreports.com K K K 3K 4K 5K 6K 7K 8K 9K....3.4 6 5 Sold Off-arket Sold vs. Off-arket (Last 6 mos.) CHELSE Updated on //8, www.realarketreports.com total of 5 contracts have closed in the last 6 months with a median sold price of 99,9. Breaking it down, we notice that the K - 3K price range contains the highest number of sold listings. 4 3 K K K 3K 4K 5K 6K 7K 8K 9K....3.4 lternatively, a total of 8 listings have failed to sell in that same period of time. ings 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 K - 3K price range has the highest number of off-market listings at 3 properties. Real arket Reports www.realarketreports.com arket Dashboard
REL ESTTE RKET REPORT CHELSE Sunday, December, 8 nn rbor Keller Williams Realty 734-669-337 Looking at the chart to the right, you might be wondering why average days on market (DO) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DO), or a seller's market (indicated by low DO). ctive listings (properties for sale) have been on the market for a median time of 67 days. 3 5 5 Sold For Sale edian Days on arket (DO) CHELSE Updated on //8, www.realarketreports.com nalysis of sold properties for the last six months reveals a median sold price of 99,9 and 3 days on market. Notice that properties in the K - K price range have sold quickest over the last six months. 5 K K K 3K 4K 5K 6K 7K 8K 9K....3.4 The recent history of sales can be seen in the two charts below. The median sold price for the last 3 days was 6, with a DO of 7 days. Since the recent DO is greater than the median DO for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes. "The median list-to-sales ratio for this area is.%." Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property. nalysis of the absorption rate indicates an inventory of 3. months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future. 35K 3K 5K K 5K K 5K K edian Sold s CHELSE Updated on //8, www.realarketreports.com Jul ug Sep Oct Nov Dec 35 3 5 5 5 edian Days on arket (Sold) CHELSE Updated on //8, www.realarketreports.com Jul ug Sep Oct Nov Dec Real arket Reports www.realarketreports.com arket Dashboard
REL ESTTE RKET REPORT CHELSE Sunday, December, 8 nn rbor Keller Williams Realty 734-669-337 RKET SURY TBLE 8 PENDING [] = verage Value = edian Value N/ = Not vailable Low Range High 99,999, 99,999 3, 99,999 9 3, 399,999 4 4, 499,999 8 5, 599,999 6 6, 699,999 4 7, 799,999 8, 899,999 9, 999,999 57 CTIVE [] Days on arket 79 79 6 88,33 5% 69 99,9 8 64 67 47 86 54 563,3 7 576,5 568,9 546,8 68 567,5 7 66,475 87 66,5 95 749,9 75, 75, 75, % 6 Current 7, 7, 65,979 5 69,9 369,396 365, 445,779 86 434,95 95 749,9 84, 6 84, % 3 4 % % Pend Ratio 8 OFF-RKET (last 6 mos) [3] BSORPTION RTE (months of inventory) 48 6 3 5 5 SOLD/CLOSED (last 6 months) [4] Days on arket Original 64,59 67, Final 36 577,45 566,45 545,5 79 99, 9,5 Sold/ Closed 59,798 54,57 98% 33,7 99% 69,9 63,5 % 75, % 9,5 99% 79 99, 9,5 9,5 99% - Sale Ratio 87,5 8,54 75,94 97% 8 8,5 8,5 77,454 97% 54,5 54,6 % 345,73 34,4 338,88 99% 53 337,4 334,9 4 435, 48 464,855 436,78 43,58 99% 435, 49, 99% 64,6 8 65, 63, 649,8 75, 75, 96% 96% 98% Est. os..8.4 3. 3.7 3.6 4.8 6 N/,,,99,999,,,99,999,,,99,999,3,,399,999,4, + arket Totals 57 8 % arket verages 88 386,766 arket edians 67 364, 3 99,9 99,9 Date Range (Off-arket & Sold) = 6/3/8 to //8 Data believed to be accurate but not guaranteed. Status = [], C, ; [] P; [3] E; [4] S rea = Property Subtype = SING 8 5 46 359,69 349,797 Favors Sellers 343,587 98% 99,9 % Favors Buyers 3 Real arket Reports www.realarketreports.com 3 arket Summary Table
REL ESTTE RKET REPORT CHELSE Sunday, December, 8 nn rbor Keller Williams Realty 734-669-337. PROPERTIES FOR SLE (CTIVE) a. ber ctive: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement. b. Days on arket (DO): The marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing. c. Current : The price that a property seller is currently asking.. CONTRCTS PENDING a. ber Pending: The number of current listings for which a contract has been signed but has not yet closed. b. Pending Ratio: Sometimes called a list-to-pending ratio. This is a measure of how fast properties are going under contract vs. how fast they are being listed. Pending Ratio = P (ber of Pending ings) +P (ber of ctive + Pending) (P) represents properties that buyers have chosen (+P) represents the entire pool from which they have chosen 3. OFF-RKET a. ber Off-arket: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to re-offer their property for sale. 4. PROPERTIES SOLD (CLOSED CONTRCT) a. ber Sold: The number of properties that have gone to a closing in the last 6 months. b. Days on arket (DO): The marketing time it has taken properties to sell in the last 6 months. c. Original : The price at which a sold property was originally marketed. d. Final : The price at which a sold property was marketed just prior to selling. e. Sold/Closed : The price for which a property sold. f. to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property. to Sales Ratio = Sold Final 5. BSORPTION RTE / ONTHS OF INVENTORY a. bsorption Rate / onths of Inventory: n estimate of how fast listings are currently selling measured in months. For example, if properties sell per month and there are 8 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market. Real arket Reports www.realarketreports.com 4 Glossary