The market is recovering, but there are still plenty of homes for sale keeping most of the area in a buyer’s market.
It’s Still a Buyer’s Market
Overall the Haile market is still favoring home buyers, but not as much as the last few years. Supply and demand are slowly coming back into line, but the absorption rate is still at almost 8 months. (6 months of inventory is considered a balanced market)
Here’s the Nitty-Gritty
On the Market:
Price: $350,000 | Year Built: 1997 | Days on Market: 57 | Price per square foot: $140 | Size: 2,533 sqft
Price: $279,625 | Year Built: 1998 | Days on Market: 72 | Price per square foot: $122 | Size: 2,250 sqft
(numbers shown are medians)
Selling your home soon? The Good News
The silver lining is that the market is improving. Prices have gone up and there are fewer homes for sale.
The most active segment of the Haile market are the homes priced between $200,000 and $300,000. The absorption rate for these homes is about 4 months, which means negotiations are in a seller’s favor.
Compared to a year ago buyers are getting smaller homes and paying more for them. That’s good news for homeowners and bad news for buyers. (The median price per square foot went from $114 a year ago to $123)