November 2011 Market Update

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I buy houses in Panama City — November saw the Bay County single family house market slow, as is typical for the fall.  85 houses sold in November, the lowest number for the year, and only the second month that the figure was below 100 (January was the other with 88).  Median sale price was $148,200, and the average “dollars per square foot” figure was 90.  Inventory moved up a little this month to 1258 houses for sale, which equates to 14.8 months of inventory.  Average days on the market was 162.

169 houses came on the market in November, meaning that houses are coming to market twice as fast as they are selling.

Last month I reported that there were 155 houses under contract to sell.  I had really expected more closings this month, but it just didn’t happen.  84 houses went “back on market” in November, meaning that the deals died.  That’s right… as many deals died in November as deals closed.  This month, there are 116 houses under contract to sell.  I certainly hope that more of these deals make it.

Comparing prices and time on the market between houses that are “For Sale” versus “Sold” is interesting.  Take a look at these numbers.

Status                Average Price    Days on Market

For Sale           $289,139             261

Sold                  $172,931             112

Those higher priced houses are just harder to sell is this market.  Of the 85 houses sold in November, 56 of them were below $180,000.  18 of them were between $80,000 and $120,000.

Here is a fascinating little fact.  Over half of the houses that sold in November had been on the market for 90 days or less!  That indicates that they were priced to sell quick. In this market, it’s all about pricing.  If you price it right, it will sell.

Want to sell your house fast? It can still happen.  If you don’t want to wait months for your house to sell, call me!  I am buying houses regularly.  I can pay cash and close quickly.  Call me at 387-4257 and get your house sold!

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