Here is where our local markets currently stand. The real estate market data information has been gathered from the local WVMLS. Here is what is occurring in the city of Independence…
Average Sales price:
Independence had a 12.7% drop in the average price of a home from the same time frame last year. Last year’s third quarter average was $188,783 followed by this year’s $164,717.
30 day Absorption Rate/Inventory:
Independence has a current absorption rate of 4. This places the current inventory at 14.5 months.
Home Sales Closed:
There was a 45.7% drop in the volume of homes sold since the 2007 3rd quarter.
The average price drop, high inventories, and lack of sales volume are not good signs for the Independence real estate market. Independence is a large bedroom community and I think gas prices are a concern for commuters that have chosen Independence in the past.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved (ie…be nice and create your own content. Don’t steal mine…)