Market update for May/June

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The latest stats just came out for May 2014 and we have posted those on the home page under Monthly Market Report. While that report goes over the general data for mostly the tri-county area, we thought we would report specifically on some of the markets we works in around town.

Dunlap: Year to date new homes coming on the market is still down, around 8% off the same period the prior year. Closed sales were also off 18% as a result. The average selling price is up a little-6.9%, while the days on market was up quite a bit-25%, to 103 days on average. However, for the month of May, the average days on market was 61, which was down 11% compared to the prior May. 2014 started off really slow, in part because of the horrible winter weather, and also the lack of corporate moves. March/April/May saw a big pick up in that area. On a personal level, we saw that kick in quite a bit. A very large part of our clientele involves corporate moves with Caterpillar and the hospitals, which saw a big ramp up in activity over the last few months. The inventory of existing upper end homes, while lacking in supply earlier in the year, seems to have come back strong-but we also see that the demand has slacked a little in the last few weeks. Normally our markets are very busy throughout the summer up until about mid July. By mid July, most buyers like to have a home under contract so that they can be settled by the time school starts up in mid Aug.

Partly because of the activity level the last few months, we have been remiss on our postings to this site. We’ll get back in the swing of things and be sure to keep you up to date on what is happening around the area. As always-if you would ever like to get regular market updates emailed to you that show what is for sale, as well as what is pending, what has sold, days on market, etc….just drop us a note and we will get you set up!

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