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How is the Real Estate Market Doing Right Now? Will my House Sell?

This is a common question homeowners ask when they are thinking about selling their home.  There are several indicators that show how the market is doing, and some of them are:

  1. # of Homes on the Market
  2. # of Homes Sold
  3. # of Homes under Contract
  4. Days on the Market
  5. Average Price

These are the statistics for the month of February 2018 for Pinellas County (Florida) and this data shows the numbers for single-family homes.  The information was taken from the statistics provided by My Florida Regional MLS.

Total Homes Sold  ……………………………………………….         716

Total Homes on the Market  …………………………………    2,265

Total Homes Under Contract  ………………………………     1,410

Total Number of Expired Listings  ……………………….          47

Total Homes Withdrawn  ……………………………………          98

 

Most of the homes sold in the following price range:

$140,000-$159,999  ………………………………………..  54 Homes

$160,000-$179,999  ………………………………………..  52 Homes

$180,000-199,999   …………………………………………  63 Homes

$200,000-249.999   ………………………………………..  129 Homes

$250,000-$299,999  ……………………………………….   89 Homes

$300,000-$399,999  ……………………………………….   73 Homes

$400,000-$499,999   ………………………………………   77 Homes

$500,000-$599,999  ……………………………………….   56 Homes

The numbers indicate that most sales happened in the price range of $200,000-$249,999.  This means that if your home is priced in this price range, the majority of buyers on the market are looking for a home like yours, so your chances of selling your home are higher.

Now, let’s talk about Days on the Market (DOM)

DOM                                           No. of Homes Sold

0-30                                                            394

31-60                                                           113

61-90                                                            85

91-120                                                          36

120-150                                                        22

151-180                                                        25

181-210                                                       10

211 & Over                                                  31

Most homes are selling during the first 30 days after they hit the market.  As I have mentioned before in some of my articles, if you present your home clean and nice and price it correctly, it will sell in less than 30 days.  Has your home been on the market for too long without selling?  Discuss with your agent what you need to do for your home to show more attractive to potential buyers and if a price adjustment would be necessary.

In conclusion, the market is doing well, homes are selling, prices are still going up and if you asked me if you should sell right now or wait for prices to be higher I would tell you to sell now and do not let the opportunity of selling your home for top value go by, we don’t know what the future is going to bring, TODAY is the day!

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