The first quarter has ended for the real estate market. Here is where our local markets currently stand. Market data information is from the local WVMLS.
Here is what is occurring in the cities of Monmouth-Independence area in real estate…
Average Sales price:
The average sales price so far this year is $188,656, down 8.5 % from last year’s $206,077. Prices have corrected slightly in this area. They will probably continue to have some mild correction in the upcoming months.
Monmouth-Independence has an absorption rate of 11.3. This places the current Monmouth-Independence inventory at 7.6 months.
Home Sales Closed:
In the first quarter this year, 34 homes closed on the market. That is down 53 % from the same time frame last year when 64 homes closed in the first quarter. What this means for you as a seller is that you have to be the best house with the best price.
New Home Construction:
In the first quarter this year the average home price was $214,439. This is down 7.8% from the same time frame last year of $232,632. Unfortunately new construction sales are down 67.6% from the same time frame last year.
Monmouth-Independence does not have enough condo transactions to conduct accurate analysis.
Luxury Market ($500,000+):
Monmouth-Independence does not have a significant luxury market for analysis purposes.
If you need more specific market information, please feel free to call or email me with your specific area, and I will provide you with a more detailed report.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved. DO NOT COPY this without express written permission from the author.