Perrysburg Market Stats as of Mid October . . .
October 17th, 2008 . by Jon ModeneSome key information . . . .
446 MLS Properties for Sale on 10/16.
38 Properties Closed/Sold in September.
27 Properties went Sale Pending in September.
42 Properties Expired in September.
92 New Single Family and Condo Listings in September.
Comparing September 2008 vs. 2007
2007 vs. 2008
For Sale 503 vs. 446 -11%
Under Contract 35 vs. 27 -22%
Sold 35 vs. 38 +9%
14.0 Months Supply of Inventory now on hand, up 18% from 2007
Average Days on the Market now 97, up 41% from 2007
Interesting Chart #1 – Median SOLD Price in Perrysburg. Note that the median selling price is down 10% in the past year, on average, from $195,000 to $175,000, a HUGE $19,500 decrease. Own property in Perrysburg and need to sell today? Ouch!
Interesting Chart #2, for your edification -
This shows the graphical representation of current supply/demand trends in residential real estate in Perrysburg (43551 zip code only).
11% fewer houses on the market vs. 1 year ago.
23% drop in average “Sale Pending” price vs. 1 year ago.
And . . . 9% more homes sold vs. 1 year agon (month to month comparison).
Some thoughts and conclusions:
A. Price matters.
B. Price really matter!
C. The buyers will buy – if the price is right.
D. Some people have “given up” and taken their houses off from the market. This is good – because they will not sell unless they price to market, and if they do not NEED to sell today, why try to sell and fail?
E. The residual inventory is trending down, thus the absorption rate is trending higher, and that means that the local Perrysburg residential market is now rapidly moving to a more balanced position, however now at the new price points that this market demands.
