Let’s take a look at the Dexter real estate market. Currently, there are 21 Dexxter home sales pending in the market overall, leaving 153 Dexter homes still for sale. The resulting pending ratio is 12.1% (21 divided by 174). So you might be asking yourself, that’s great… but what exactly does it mean? I’m glad you asked!
The pending ratio indicates the supply & demand of the Dexter Real Estate market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $300K – $400K price range has a relatively large number of contracts pending sale.
We also notice that the $300K – $400K price range has a relatively large inventory of properties for sale at 38 listings. The median list price (or asking price) for all properties in this market is $428,985.
A total of 230 contracts has closed in the last 6 months with a median sold price of $318,350. Breaking it down, we notice that the $200K – $300K price range contains the highest number of sold listings.
Alternatively, a total of 13 listings has failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K – $300K price range has the highest number of off-market listings at 5 properties.
Looking at the chart above. You might be wondering why average days on market (DOM) is important. Days on market is useful measurement because it can help us to determine if we are in a buyer’s market (indicated by high DOM), or a seller’s market (indicated by low DOM). Active homes (properties for sale) have been on the market for a median time of 78 days.
Analysis of sold Dexter homes for the last six months reveals a median sold price of $318,350. Homes have been listed 22 days. Notice that property in the $800K – $900K price range have sold quickest over the last six months.
The recent history of Dexter real estate sales can be seen in the two charts below. The median sold price for the last 30 days was $338,326 with a DOM of 30 days.
Since the recent DOM is greater than the median DOM for the last 6 months, it is a negative indicator for demand. Most noteworthy, real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 4.0 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.
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