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Posted by: Bruce & Sandy Soli | March 3, 2011

February 2011 Real Estate Market Update & Statistics

Two full months into the year already. Interest rates are still low (although they are starting to go up) and inventory remains similar with lots of choices for buyers.  BUYERS…your market is NOW while the rates are low, inventory levels are higher with lots of product to choose from and your buying power is the strongest.  What happens when interest rates go up???  You lose the ability to purchase more even if the prices still go down.  SELLERS…there is hope out there, buyers are buying, they just want a fair deal.  Make sure your home is as attractive as possible in all aspects…i.e. your on-line presence (pictures) is the most important, if you cannot catch buyers from your pictures you are dead in the water (this is your First showing), your home is clean and clutter free, make sure buyers know all of the amenities that your home offers and MOST importantly that you are priced correctly for the market.  If you are not getting at least 1-2 showings a week your home could be overpriced.  Below is a recap of the Incline Village Real Estate Market for February 2011…

Comparing February 2011 to February 2010 (Apples to Apples for same time period)

Active condominiums on the market are down -9%, escrows are down -77% and sold condos are up 50%

Active PUDs or Planned Unit Developments are up 16%, escrows are down a whopping -300% and sold PUDs are down -200% (HUGE differences between this year and last).

Active Single Family Homes on the market are up 1%, escrows are down -31% and sold homes are down -75%

Comparing February 2011 to January 2011 (Month over month)

Active condominiums on the market are down-1%, escrows are even with last month and sold condos are up 17%

Active PUDs on the market are even with last month, down -33% in escrows and down -100% in PUDs sold

Active Single Family Homes on the market are even with last month, up 15% in number of escrows and down -50% in single family homes sold

Year to Date Sales

Condos are up 18% over 2010

PUDs are down -100% over 2010

Single Family Homes are down -20% over 2010

Absorption ratios are hovering around 15-23 months of inventory…that is almost two years worth of properties that need to be sold off (not accounting for any new inventory that is entering the market!)  Sellers…your competition is STIFF!

To view all of the statistics and data for February 2011 click here, Market Data Retrival February 2011.  You can view all different price bands and categories of homes to find out what is really happening in a specific segment of the market.

Although the statistics show that we are down in many categories, Incline Village Real Estate is still moving.  Opportunities are out there, you just need to know how to find them.  If you would like to search property on your own or be added to our automated search, click here…


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