WELCOME BOONE COUNTY BUYERS AND SELLERS! Let's take a look at how 2012 inventory is stacking up for the Boone County area as we start into the first weekend in May...
Today, May 4th, we have a whopping 686 single family homes for sale in Boone County of which a median list price of $84,900. The average days on market expectation for these homes before they sell is now at 64 days, so sellers take note. We also should point out that there are currently 217 Boone County sales pending right now, with a median sale price of $101,750 and an average days on market of 70.
The true litmus test for predicting marketing analytics is found in Boone County single family homes that have sold in the last 6 months. These are the homes that the appraisers are looking for as new comparatives to rank new appraisals in the market. So if we take a look at the solds for the area, we find that 534 Boone County single family homes were sold with a median list price of $168,370 and a median sale price of $163,583. That means there was only a 3% spread between asking and final sales price...something to note if you are buying or selling in this market! Therefore, there is currently very small elasticity between what the sellers are asking and the buyers are paying. So if you wish to make a bid on these homes, know that you will need to get closer to the asking price if you want to get that home under contract, or you might just end up loosing it to the next bidder! I know, because a lot of my buyers who still wish to go in with low bids, even though I caution them not to, are finding out that others are taking the homes from underneath them on multi bid situations. Which brings to the front another reality....there are a lot more buyers out there now because we are in the seasonal uptick time, so it is not unusual to find yourself in a situation bidding with several buyers.
Also take note....foreclosed homes that were being held and not released on the market are now just beginning to make their way to the local market. It will be interesting to see just how many of these homes Boone County begins to absorb on the open market in the next few months. So regardless of the fact that you will need to bid closer to asking in this market, there are plenty of good deals out there even at the asking price!
If you are looking in the Boone County area, be sure to check out these categories...
Proceed with knowledge and be empowered to make the right decisions in all your real estate transactions.
NORTHERN KENTUCKY Real Estate Sales - Cathy Miles Realtor®
CINCINNATI, OHIO Real Estate Sales - Cathy Miles Realtor®
I specialize in helping buyers and sellers with their real estate needs in Northern KY (Florence, Union, Burlington, Hebron, Independence and surrounding areas)and in Cincinnati, OH (Hyde Park, Oakley, Clifton, Mt. Adams and surrounding areas). With passion, I invite you to board my boat for your next destination and allow me the opportunity to help you navigate the ever changing currents of this incredible market!
just ask cathy...513.673.7726
Helping to educate buyers & sellers to make sound real estate decisions.
KY /OH Realtor®/EXIT/www.mileshometeam.com / I-Fax: 888.398.3974 /firstname.lastname@example.org