Interesting trends in the Real Estate Market in the Cedar City area. Six weeks ago I did a market analysis about days on market changes. It was interesting to note the changes. This morning I updated my market research, it was really telling.
Dates: | Average Days on Market | Median Days on Market |
9/1/2007-9/27/2008 | 154 | 132 |
10/31/2007-10/31/2008 | 104 | 96 |
This is really interesting that it would drop that much in a relatively short time. With the credit crunch, I would have thought that this would have increased. I am sure the bargains found in some forclosure and short sale homes have greatly influenced the Days on Market in the Iron County Board of Realtors.
This month I decided that I needed to get more data, so I also calculated the average sales price vs. the average list price. I was a little surprized that board wide homes are selling at 94% of the listing price. That was a great surprize with all the media telling us how desparate homeowners are to sell. I would have thought that the numbers would have been worse.
Maybe the market here isn’t as bad as it has been made out to be. I will try to keep up with this information as the market adjusts and moves forward.