Once they find out that I am a real estate agent specializing in St Matthews, the majority of folks I know always ask about the market. Is it a Buyer's Market? Is it a good time to invest in real estate? Is it...dare I say...a Seller's Market? Of course, there is not a one-size-fits-all answer to any of these questions, or at least, I refuse to give one.
Something that comes up in every home sale is the timing. Is it a good time to put my house on the market? Is it a good time to buy a home? These are just personalized way of asking the aforementioned questions. Most of the time, people looking to sell their homes are looking to time the market so that they can sell for the maximum amout of money during the peak of the market.
If you live in St Matthews (40207 zip code), it might be that time. Now, is it the absolute peak of the market? Who knows? Is it the best time to list a home as a seller in years? Yes. It is.
Here's why: St Matthews homes are flying off of the shelf. There aren't enough St Matthews homes listed to keep pace with the number of St Matthews home buyers. Let me illustrate further by showing some St Matthews market statistics:
Current Inventory: At the end of November, 2012, there were 116 homes for sale in St Matthews, at the end of December, 2012, there were 95 homes for sale in St Matthews, and today there are 84 homes for sale in St Matthews. This is a dramatic reduction in inventory of St Matthews homes for sale. In terms of breaking down the St Matthews homes for sale by price point, there is 1 for sale under $150,000, there are 8 St Matthews homes for sale for between $150,000 and $200,000, there are 16 St Matthews homes for sale between $200,001 & $250,000, there are 12 homes listed for $250,001-$300,000, 5 homes listed between $300,001 & $350,000, 4 homes for sale in St Matthews for between $350,001 & $400,000, 7 listed from $400,001-$450,000, 5 St Matthews homes for sale listed for between $450,001 & $500,000, 3 St Matthews homes for sale between 500,001 & $550,000, 2 listed for $550,001-$600,000, 5 homes for sale for $600,001-$650,000, 2 homes listed for between $650,001 & $700,000, 2 homes listed from $700,001 to $750,000, 2 St Matthews homes for sale for between $750,001 & $800,000, 3 homes listed for between $800,001 & $850,000, 2 homes listed for $850,001-$999,999, and 5 homes for sale for more than $1,000,000. The High Active List Price remains a little more than $4.3 Million, and the median asking price of St Matthews homes for sale is $354,997.
PENDING Inventory: I think it's extremely helpful to look at homes currently under contract, so when I prepare a Comparative Market Analysis for a St Matthews Home Seller, I always like to include as many similar pending sales in my report as I can. Incredibly, there are 57 St Matthews homes currently under contract. That means that these homes have a signed purchase agreement, and have yet to close. This is a staggering number. With only 84 homes for sale, and another 57 pending, St Matthews homes are selling fast and running out.
Breakdown of Pending St Matthews home sales:
3 with asking prices less than $150,000
9 with asking prices between $150,001-200,000
18 with asking prices between $200,001-$250,000
9 with asking prices between $250,001-$300,000
3 with asking prices between $300,001-$350,000
3 with asking prices between $350,001-$400,000
6 with asking prices between $400,001-$500,000
1 with a list price between $500,001 & $600,000
1 with a list price between $600,001 & $700,000
4 PENDING sales have asking prices of at least $1 Million
Here's what else is interesting about the St Matthews homes currently under contract: Days on Market. We use days on market (DOM) to describe the amount of time it took for a home to receive an acceptable sales contract. Of the 57 Pending Home Sales in St Matthews, 23 of them sold in less than 10 days. It's not uncommon for a St Matthews home listed for between $200,000 & $250,000 to sell within its first few days of marketing time.
Many home sellers look to hold out until spring to sell, but with the current shrinking inventory of homes for sale in St Matthews, I recommend listing your home now to avoid the competition that spring and summer invites. The buyers are already out looking, so do the opposite of what the crowd is doing, and get ahead of the curve.
Sounds easy right? Not easy, but possible with full marketing exposure. The main thing is to see this as the first opportunity sellers have seen in quite sometime to have leverage and to potentially see some nice price gains. Contact me to take advantage of the St Matthews housing market today.