We’re getting ready for buying season around these parts.
I went back through our 2006 – 2010 sales files to find the months when the most sales contracts were made and was very surprised by what I found. March had the highest percentage of contracts, with February, June and September tying for second and April, July and October coming in third. What this means to owners interested in selling is that we have entered one of the most active periods of the year. More than twenty-seven percent of the sales contracts from the past five years were generated during February and March. So if you want to take advantage of this period, complete any unit repairs or updates you’re going to make and be sure that your unit is priced competitively for the market.
There are currently forty-two units for sale across the property, which is good news from a supply and demand perspective. However, the bad news is that the median days on market for these properties is 255 days. In 2010 the median for the forty-five sales was only 126 days. The median price per square foot for the current listings in $210, compared to $142 last year. Clearly, higher priced units take longer to sell.
Remember that this data is a summary of real estate sales for all complexes and unit types. Each unit is unique, so you should make sure your property is priced for today’s market, or you could miss out on the year’s most active sales period.