Tuesday, November 15, 2022 / by Amy Brown
How inventory count and price range brackets indicate negotiation tactics and where your equity is headed after purchase
Total inventory countywide = 622 active listings
Total number of homes for sale over $1M = 148 or 24% of the market
Total number of homes for sale between $750K-$1M = 87 or 14% of the market
Total number of homes for sale between $500K-$750K = 127 or 20% of the market
Total number of homes for sale between $400K-$500K = 100 or 16% of the market
Total number of homes for sale between $300K-$400K = 86 or 13.8% of the market
Total number of homes for sale under $300K = 72 or 11.5% of the market
What does all of this data mean?
The category with the highest number of listings is the price point that is most prominent here and where home valuations are headed across the area (the future of home values/appreciation in our county). This is also the category where you have the most potential for negotiation. For reference, those are any homes over $1M in value.
The category with the lowest number of listings is the price point with the least opportunity. What that means for you as a buyer is that you can expect much fewer options and properties that are not in optimal condition. These would be any homes priced under $300K.
Your median market is going to be your green zone. This is where you will find the highest number of homebuyers which means more competition. In this category there will be less opportunity for negotiation and days on market will be much shorter. At this price point, you will need to move quickly and have your financing together in order to win the house of your dreams. This is any property priced between $500K-$750K.
I hope this view into market analyzation was helpful. Not only do the numbers tell you how to behave when looking for a home, they also tell you where your equity is likely to head after you make your investment.
I am happy to discuss market trends at any time. Give me a call!