With Aprils results fully coming to a close and having been recorded and studied throughout the country, it appears as though there have been slight improvements over March of this year. The Wall Street Journal put together an article that show results acquired from 900 multiple-listing services across the country compiled by Realtor.com. Whereas in some specific places in the nation there have been listing price reductions, the whole country (measured as 146 separate markets) showed a 0.7% increase which if thought about on a large scale is a something to be immensely proud of. This percentage even brought up the listing prices to their highest fiscal level in almost a year as well.
If people are listing their prices for a higher amount on purpose, this ultimately would be the wrong time to do so. As we learned in a past blog, Gibson Sothebys International Realtys own Beth Dickerson hinted to CBS Boston that sellers are more cognizant of the market and are understanding that their buyers are as well. When we are attempting to rebound from tough economic times, it is more essential that we list with knowledge and not out-price our home from its destined market.
Of the aforementioned 146 markets, 2012 compared to 2011 showed that listing prices were up in 72 of the markets, roughly even in 14 and subsequently were down in the last 60 markets. Moreover, looking at the past month of April compared to March, there were hugely positive differences in that only 5 of the 146 markets showed a decrease in their average listing prices.
Taking a closer look at Boston specifically, there was a 7.73% increase in the inventory levels month-over-month, a 3% increase in listing prices month-over-month (up to $339,900) and the average days that the homes were currently still on the market was 60 days. Throughout the recent months, especially those that have thus far occurred in 2012, Boston has been performing at a very high level compared to the rest of the nation. Seeing that while our 3% increases in listing prices is fantastic, the nation as a whole realizing a 0.7% bump is also just as impressive. An enhanced economy and real estate market for our neighbors should only have a beneficial effect on ours as well in the near future.
More Information: The Wall Street Journal