Saline Real Estate Market Report Unveiled
Let’s take a look at the Saline real estate market. Currently, there are 19 sales pending in the saline real estate market overall, leaving 172 listings still for sale. The resulting pending ratio is 9.9% (19 divided by 191). So you might be asking yourself, that’s great… but what exactly does it mean? We are glad you asked!
The pending ratio indicates the supply & demand of the 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 $400K – $500K price range has a relatively large number of contracts pending. Most noteworthy is the $400K – $500K price range has a relatively large inventory of properties for sale at 40 listings. Hence, the median list price (or asking price) for all properties in Saline Real Estate market is $415,950.
A total of 235 contracts has closed in the last 6 months with a median sold price of $344,000. Breaking it down, we notice that the $300K – $400K price range contains the highest number of sold Saline homes.
Alternatively, a total of 14 listings has failed to sell in that same period of time. Homes 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 $300K – $400K price range has the highest number of off-market listings at 4 properties.
Looking at the chart above, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer’s market (indicated by high DOM), or a seller’s market (indicated by low DOM). Active listings (properties for sale) have been on the market for a median time of 57 days.
Analysis of sold properties for the last six months reveals a median sold price of $344,000 and 15 days on market. Notice that property in the $1.0M – $1.1M price range has sold quickest over the last six months.
The recent history of Saline sales can be seen in the two charts below. The median sold price for the last 30 days was $310,653 with a DOM of 15 days.
Since the recent DOM is greater than the median DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that 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 4.4 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.