Number, Numbers, and More Numbers

If you missed last months stats you can follow along by looking in the archive or visiting http://activerain.com/blogs/rohall59.

Numbers, numbers, and more numbers; but, what do they all mean. Over the coming days and weeks, we will look @ Danville area real estate trends, and what they mean.

This post will focus primarily on the general trends for the 1st quarter of 2009. Stay tuned for Information on the impact of foreclosures on the local market, as well as, price range comparisons.

I am writing this to shed light on the local real estate market. We constantly hear the major media stories filled with gloom and doom. It’s my goal to help you sort through all the hype and to dispel some of the myths out there.

Danville has not seen some of the steep declines we hear so much about. Just as we didn’t see run-away price inflation, we have not seem the “bubble burst.” That’s not to say the foreclosure market hasn’t had an impact. It has. But pricing is really a problem too.

Here's how we compared with 1st quarter last year.

1. Average selling value declined by 4.4% or about $2800.
2. Average Days on Market went up by almost 1 month.
3. Average % of list price to selling price went down.
4. Average listing price went up. An average increase of over $8000
5. Total number of transactions declined by 25.6%.
   

So what does it all mean. As a group we are listing homes for more than they're worth. Have your agent prepare a market analysis. If is looks overly optimistic, ask questions. As a seller be realistic. Look at the numbers carefully. And above all, don't close your mind if some one shows you the facts in black and white.