Real Estate Market Report: Orleans & Jefferson
Let's take a look...
At the real estate market. Currently there are 1167 sales pending in the market overall, leaving 1268 listings still for sale. The resulting pending ratio is 47.9% (1,167 divided by 2,435). 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 3657 contracts have closed in the last 6 months with a median sold price of $259,900. Breaking it down, we notice that the $200K - $300K price range contains the highest number of sold listings. Alternatively, a total of 1159 listings have failed to sell in that same period of time.
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 257 properties.
"The median list-to-sales ratio for this area is 98.1%."
Analysis of sold properties for the last six months reveals a median sold price of $259,900 and 15 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 $266,660 with a DOM of 11 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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