Perrysburg Blog

Let’s just compare this year vs. 2009.

Simple.

Elegant.

Same seasonality.  Only 12 months of time to account for.  You can ignore the median price due to sample size.

28% fewer homes pending.

38% fewer homes sold.

50% drop from May/June numbers.

Raw Data with Median Prices:

Want to sell?

1. Be motivated.  Have a good reason.

2. Be prepared.  Have a good plan.

3. Be buyer focused.  Have a good price and good terms/condition.

Could be!

This chart shows that there is a move toward a more balanced supply of houses:

In the cold, cold months of Winter the 43551 had about 10 to 13 months of inventory on the market and moving off the market.

That was too much obviously.

Now?

May MSI (Months Supply of Inventory) was 4.7 months.  It was 6.5 last month.

It always drops in the Spring and Summer (mine is a seasonal business – like picking strawberries).

But the current numbers are indicative of strong demand from buyers, the continuing popularity of Perrysburg real estate, realistic sellers, and sellers moving houses off of the market.

How about prices?

Behold the numbers:

Ignore the bank numbers – and median prices for closed Perrysburg homes are right – almost exactly – where they were last year in May.

In fact, they have declined from this past Winter, which speaks of sample size issues.  The trend is steady – perhaps we have reached the end of the pricing cliff in Perrysburg?

ALWAYS asked at every listing appointment.

The answer is . . . “it depends”.

On your price.  Your motivation.  Your vacuuming.  Your pets.   Your kids.  Your collection of stuff.

Overall, in Perrysburg, the average DOM or “days on the market” is right about 90 as of last month.

However it changes month vs. month and week to week.

Why?  Houses are coming on the market.   They are going pending.  They are coming BACK on the market.  And with a 300 to 500 house sample population it does not take much to whipsaw the numbers for one month.

So the TREND is what I look at.

With REO sales red hot right now (so says this report from California and my own Perrysburg REO’s are pretty much all sold or under contract). . . is that activity helping move other, non REO houses?

Inquiring minds want to know:

You can too – on this chart.

And the trend is that houses are selling FASTER (fewer average days on the market) and there is less “wait” (which we call MSI or “months supply of inventory”)   The Perrysburg MSI is now 1/2 of what it was a year or two ago – down from 21 months to a more manageable 7.1 months supply of inventory.

Price still rules.

So get your house priced right, cleaned up, and then the numbers will play out good for you.

Here’s a snapshot of August’s real estate activity for Perrysburg (City and Township):

Available Homes
# Available: 385
Average Days on the Market: 153
Median Asking Price: $215,000

Pending Sales
# Pending: 40
Average Days on the Market: 117
Median Asking Price: $182,900

Closed Sales – August 2009
# Closed: 43
Average Days on the Market: 87
Median Sales Price: $159,000
Months Supply of Inventory: 6.4

My take:  We have just seen the beginnings of the return to normalcy.  What?  Normal Summer sales increases.   I will take that.   Prices are still dropping.  And the market is still very, very price sensitive.

Notice how well priced homes sell much quicker . . .

Welcome back – seasonality.  I have missed you for the past 6 or 7 years.    What is unknown is the effects (most likely bad) of the $8k home buyer tax credit on this market and the continuing effects of more and more lender owned inventory coming on line, and the effects of the the incredibly inept leaders we have on jobs and exports.

But NONE of that is in either my control or purview- I just sell houses in Perrysburg.

Down 40% . . .

Thanks for asking!

But I am having a great month . . .

Ouch.

Good homes?  They are still slowing.

Overpriced, underwhelming homes?  You can only imagine!

-44% drop in NUMBER of closed sales means that you need an agent who knows the market, knows how to market, and knows how to sell your home to a buyer, a bank, and an inspector.

All data for 2009 YTD thru April . . . .

Median price, sold listings:  $163,000

Number of homes sold, month of April:  21

Number of homes sold, April 2007:  43

Listings for sale, Perrysburg (Area 53), 410

Average Days on the Market for Actives:  139

Properties Sale Pending, April 30: 44

My comments:  The number of homes sold is down 51% in a 2 year period.  Back in 2007 the average Perrysburg listing sold for $206,000.   This year?  An amazing low median price of $163,000.

That represents a 43,000 decline in value for the average house.

Which means if you did not sell your house, your value went down by 21%.

Amazing numbers.

The trend has been bad for 2 years for Perrysburg.

Only sell if you NEED to sell.

If you NEED to sell, you need to ask the current market price.

All markets are local.

They are all different.

I talked to a Long & Foster agent in suburban D.C. today.  He said that 65% to 75% of the houses for sale in one of his marketing counties are “REO” aka foreclosed.

Perrysburg?  Not even close.

The most recent Case-Shiller Home Price study came out on Friday.  The average home lost 19% in their study.   Which is made of matched pair sales in major metropolitan areas.  Toledo is not included.

But Detroit is.  And the average house value in Detriot is now what it was in 1997.

An “11 Year Drop”.   A regression.  A retreat.  A decline.

What of Perrysburg?  The median sold price for Perrysburg Single Family homes in March of 2009 was $146,450 according to our local MLS.

This represents a -25.7% decline in the past 24 months.

Which is a 1% drop in value per month over the last 2 years.

Which is a lot “better” than 1.5% per month that a lot of other markets have experienced.

If you NEED to sell, you need to understand these numbers.

These numbers might influence your decision.

Your houses’ potential buyer, appraiser, and lender understand them!

Homes for Sale

• Listed Homes Active:  3
• Vacant Listings: 0
• Average Asking Price: $278,145
• Offering Bonus Commission:  0
• Offering Reduced Selling Agent Commission: 3
• Price Reductions: 2
• Short Sale: 0
• Months Supply: 7 (MLS Area 53 MSI

Pending Sales

• Listings Pending Closing:  0

Sold Past 6 Months

• Closed Sales:  7
• Average Sales Price: $257,303
• Lowest Sales Price: $148,600 (Plat 1)
• Highest Sales Price: $317,525