What's Hot in MB Real Estate (7/27/16)
Jul 26, 2016 05:17PM
● By Jeanne Fratello
"Just one year ago, there were 71 homes for sale," said MB Confidential author and Realtor Dave Fratello. "Compare that to this year: While it's not quite double that level, it's close - 87 percent higher."
However, Fratello noted, at the mid-year mark, the sales pace was not quite as slow as last year.
"There were 8 more sales closed from January 1 through June 30 this year as opposed to the same period of 2015, with 184 sales compared to 176 sales for 2015," said Fratello. "That's still off the pace of the recent go-go years of 2013-14, but it's a nice bounceback for Q2 of 2016."
Another trend noted in MB Confidential is sellers re-listing properties to "refresh" them, thus knocking down the public "Days on Market" numbers and "re-introducing" the property to the market.
Out of 133 active listings late Monday, there were 20 listings that had re-listed with the same agent at some point, accounting for 15% of active inventory.
"These are just the properties re-listing in the dead of summer," noted Fratello. "If you're the betting type, you'll project many more re-lists at the end of August/first of September, a time when the market typically heats up for a bit before the holiday season. Sellers want their listings to be 'fresh' for Labor Day."