Market Trends - March 2008

March 2008 Market Trends for the Big Canoe Community:

Current Home Inventory in Big Canoe is now at 243 vs. 234 in February. Please note inventory numbers below.

Days on market for March were 91 vs. 173 in February. (Homes sold) 190 Days on market… homes for sale.

Big Canoe’s overall month’s supply of inventory is … 33.1 months vs. 24.7 last month.

Average listing-to-sold ratio YTD is 90.3%.
Note: Our sales ratio is 93.9% YTD. That’s a lot of money in your pocket. On a $400,000 home we would be saving you over $16,000.00. Why would anyone use a limited service broker (84.1%) vs. Century 21?

16 homes have sold YTD vs. 26 homes YTD March 2007 and vs. 40 homes YTD March 2006.

The average sales price in March was $445,450 compared to $450,000 in February 2007.




Market Trends for the Community of Big Canoe Summary:

Overall volume (dollars) in The Community of Big Canoe is down 34.55% vs. YTD 2007.

We now have almost three years of inventory on the market.

A point we must emphasize is that 7 homes sold in March. However those 7 homes’ days on market were only 91 vs. the average home being on the market now for 190 days.

The bottom line – nothing has really changed. Buyers are few. Therefore, everything needs to be considered. With this much inventory on the market, buyers are looking to eliminate their choices. Therefore, condition, location and ultimately the price is what it will take to not be eliminated from that buyer’s search. Now more than ever, you must be priced right.

Although the market conditions are complicated, we are pleased to say that our office has obtained 25% of the sales in Big Canoe and through March we are up 50.8% vs. this time last year.

We continue to invest in our business with a new state of the art office at the new “North Gate Station”, launching multiple top producing websites, and increasing our print advertising campaign. Now is not the time to pull back, like many of our competitors have.

Our promise to you is to capture every opportunity for you as possible.

Till next time,

Tom and Kelly
Owner / Broker
Century 21 Best Mountain Properties
Source: Broker Metrics / FMLS