So this is the time of year that we all take a little pause from the hustle and bustle to gather with family and friends to give thanks while celebrating the year’s accomplishments.
While catching up with questions like “How’s the new job?”, “When are you going to retire?” “Did you guys get the Red Lobster yet?” or “how are the kids doing?” and “who’s going where to school?” many people may be asking “is it time to sell our home?”
And for all of those people asking that question, there are just as many asking “is it time to buy our next home?”
All are very important questions for anyone in the market to buy or sell a home.
Housing Matters is a series of monthly articles and columns in which I will bring you the most updated statistics on the Housing Market in Sierra Vista and the surrounding areas to help you with those questions. And always consult with your Real Estate Professional, they know the market.
We will explore questions like: What price point in the area is selling fast? What is the average sales price? How much is the average sq ft price in my neighborhood? Is it a buyer’s market or a seller’s market?
And how do I get my house ready to list? What are buyers looking for in a new home? How long will it take my house to sell?
These questions and more will be answered in this series, so stay tuned.
This month, I thought I would share the following:
In the Sierra Vista area, November 2019 active inventory was 392 homes on the market, a 15% decrease from November 2018. There were 139 homes closed in November 2019, a 2% increase from November 2018. This year there have been 1,628 homes closed, which is a 1% increase for the same time-frame in 2018. The median price of sold homes was $190,000 for the month of November 2019, up 18% from November 2018.
So what does this all mean? When housing inventory is low, it creates a seller’s market and drives the prices up. It is more work for the buyer to find the right house because there is less to choose from, the sellers are less negotiable, and there is competition for every house.
Right now, in almost all price ranges from $100,000 — $400,000, it is a seller’s market.