Real Estate Market Report April 2021: Orleans & Jefferson
Let's take a look...
At the real estate market. Currently, there are 1291 sales pending in the market overall, leaving 951 listings still for sale. The resulting pending ratio is 57.6% (1,291 divided by 2,242). 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. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
"Current inventory is described as active."
A total of 3578 contracts have closed in the last 6 months with a median sold price of $266,000. Breaking it down, we notice that the $200K-$300k price range contains the highest number of sold listings.
Alternatively, a total of 998 listings have failed to sell in that
Listings 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 $200K - $300K price range has the highest number of off-market listings at 221 properties.
"The median list-to-sales ratio for this area is 98.5%."
Analysis of sold properties for the last six months reveals a median sold price of $266,000 and 11 days on market. Notice that properties in the $200K - $300K price range have sold quickest over the last six months. The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $280,000 with a DOM of 10 days. Since the recent DOM is less than the median DOM for the last 6 months, it is a positive 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.
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