The Lee County 7-day real time market activity report shows some interesting facts. This report gives us clues as to how the market is doing in real-time, so let’s take a deeper dive into the data.
New listings outpaced new pending sales by 7. If we add back the 91 back on the market listings the numbers grow to 98. There were also 49 extended listings. 47 listings terminated and 57 expired. Our internal research shows that the MLS added about 50 listings net to the inventory supply in the last week.
The differential between active listings and total pendings has expanded to 1,432 single family homes. This number is the largest number we’ve seen since February 7th.
The next breakthrough number we are tracking is the Ellis Team Current Market Index. This index is published internally and used with our clients. It is on the rise again, and we are watching to see if it crosses the Mar 21st data point. If it does, we have a pretty good idea of where it’s headed based on technical analysis.
The other data point we are looking at is the price reductions. Even though we had more new listings come on the market than new pendings, we had more price reductions than new listings. This tells us sellers are recognizing the market and reacting to changes. Sellers are searching for that price point that will make their home sell in today’s market.
Comparative Market Analysis
The problem with the comparative market analysis is it tells you where the market has been, but not always where the market is going. It is important to look at past sales. Past sales will influence the appraised value, but not necessarily determine today’s value.
How Buyers Shop
Buyers do not look at closed home sales when shopping for a home. Think about when you are shopping for an item, either in store, or online. You tend to check on what you could buy it for now. You have no way to see what an item was selling for last month.
The Ellis Team has identified new metrics when pricing homes. Yes, the home must appraise in many cases. However, pricing homes based upon the past may not always be the best idea either. We have a new form that shows sellers another way of looking at the value, and our sellers find it useful.
The Ellis Team also has a program to sell a home in 8 days. The number one complaint we hear from sellers is keeping the home nice for showing after showing for months on end. Our program identifies the best buyers for your home in 3 to 4 days with technology, then we market to those buyers. While not every listing sells in 8 days, we utilize a different strategy to sell your home along with several probability increasers. We can tell you more about those when we meet.
Watching sellers reduce their price numerous times is never fun. When a home sells in 8 days price reductions become unnecessary and sellers typically sell their home for more money. In fact, 6 independent studies show that this program sells homes for 8.4-12% higher than average MLS sales. We have the validation letter.
If you have a property to sell in SW Florida, call Brett Ellis or Sande Ellis at 239-310-6500 We will be happy to show you the latest market statistics along with the Ellis Team Current Market Index numbers and show you the 8-day sale program.
If you’re not ready to sell your home yet and are just curious about prices, check out www.SWFLhomevalues.com It’s a great way to get your home’s value every month quickly and for Free.
When you have real estate questions, Always Call the Ellis Team at Keller Williams Realty! Good luck, and Happy Selling! We hop you find this 7-day real time market activity report useful.