How to Interpret my Market Reports – Part Three
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Each week Altos Research updates these terrific charts on my site as well as the executive summary, and the far more detailed market update report. When you subscribe to these market reports you’ll receive the executive summary report (pictured to the left) and can request the more detailed market update if you are a glutton for the data!
If you follow along each week it becomes fairly easy to get a good idea of how the market is trending for the active properties. The key word is "active."
Early on in the spring selling season there are few comps to review for sold properties, but there are homes on the market and if we look at the data in these reports there is a wealth of information available to help us price well.
In this post, let’s look at the market action section of the report and focus in on what those numbers mean to Bethesda homes for sale in zip code 20816…
The classic market forces of supply and demand are in action here. Currently there is not enough supply and lots of demand which is contributing to that large spike in the 7 day average and the beginning of a spike in the 90 day average. You can see the last sustained spike above the black line (which corresponds to a number of 30 on the left side) was in ’07. And signficantly, the prices we are seeing for closed sales corresponds very closely to those same numbers.
A lot of sellers who didn’t have to sell have waited out this market and so we are seeing that in the under $1M market there are not enough good properties on the market. A home with 4 bedrooms, a larger yard and priced around $800K is a hot property right now!
If the house is overpriced for the condition it will still get slapped by the market since it’s early in the spring market but the good homes have a definite advantage to getting on market now and taking advantage of perfect selling conditions. As more inventory comes on we’ll see what happens to price…
If you subscribe to this market report you will get it each week and you can follow along in real time to see just how the market is doing!
Part One – Understanding the Basics
Part Two – Interpreting the Price Trends
Part Three – Market Action Index
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