When comparing the most recent 6 month period with the same period last year the median $/Sqft declined 4.5%, indicating a declining property values trend. When comparing the most recent 6 month period with the previous 6 month period the median $/Sqft has remained steady indicating a steadying property values trend. I place most emphasis on the annual rate as it better reflects seasonal purchasing trends and consider the Subject’s neighborhood to be in a declining property values trend that is showing signs of stabilization.Other Market Condition Statistics:
- There are currently 5.1 months of housing inventory which indicates a balanced demand/supply trend.
- The median marketing time for closed sales over the past 3 months was 41 days which indicates a marketing time trend of less than 3 months. This has been a consistent ratio over the past year. The median marketing time of active sales is currently 92 days which has also been a consistent ratio over the past year.
- According to the local MLS, 43% of all sales over the past 3 months were bank/short sales which is a decrease from the annual ratio of 53%.
- According to the local MLS, 29% of all sales over the past 3 months included concessions ranging from $1 to $7,500. This ratio has been consistent over the past year.
Agents do not reliably report bank/short sales or sales concessions and the actual ratios may be considerably higher.Brian Ward Appraisal