Erie Real Estate

You heard it here first...

Listings are down from prior years.  That's what the newspaper says today.  It's about time they came to that conclusion.  Remember that you heard it here first!  That's right, I 've been saying that less homes are coming on the market vs the same time frame in 2008 and 2007.

Less properties available correlates to less properties sold.  July being the only exception this year.

Sue Sutto got it right - the time to process loans is taking a lot longer than it used too.  Changes in the lending environment contine to change on what seems like a daily basis.

My suggest to potential sellers - put your house on the market now and take advantage of the low inventory.

My suggestion to buyers is two-fold - make sure you pre-approvals are updated.   Second, remember the $8,000 tax credit is over 12/1/2009.

How's the market?

The Greater Erie Board of REALTORS MLS stats through May show that new listings coming on the market are still down from 2008 and 2007.  15.9% less and 26.7% less, respectively.  YTD through May, 1,514 new residential listings have come on the market.

Currently there are 1,314 homes available for sale in the MLS.  The average days on the market (DOM) is 134.  Average list price is $152,591. 

Here is how a few markets compare:

City of Erie:  Available - 357, DOM - 124, List Price - $105,067

Millcreek:  Available - 259, DOM - 112, List Price - $254,580

Corry:  Available - 52, DOM - 144, List Price - $138,548

North East / Greene:  Available - 56, DOM - 95, List Price - $261,907

Albion:  Available - 52, DOM - 139, List Price - $116,630

Want to know about a specific community or neighborhood, just let me know and I'll get the information to you.

I'm seeing this low inventory lead to many multiple offer situations and back-up offers.

April market stats

Again, less homes coming on the market.  According to GEBOR MLS 324 homes came on the market last month.  Compared to 418 in '08 and 434 in '07.  That's 19.2% and 28.2% less respectively.

What went under contract?  223 homes went under contract last month.  Compared to 275 in '08 and 251 in '09.

The market has been very active.  Many multiple offer situations, time on the market appears to be dropping.  The fact still remains - Erie has fewer homes coming on the market than in the past.  This is interesting because most of the Country continues to say there is a "glut" of homes on the market and inventories have to be reduced.  Not so in this market.

With competition down and buyers in the market, now could be a great time to sell.

What Cities have the most Mortgage Free Homes?

Yes, some people actually own thier homes outright.  About 1/3 of the people do not have a mortgage to worry about - good for them.

Cities with the highest percentage  of owner-occupied properties that are mortgage free:

• Bluefield, W. Va.: 57 percent
• Sebring, Fla.: 56 percent
• Odessa, Texas: 54 percent
• McAllen-Edinburg-Mission, Texas: 54 percent
• Weirton, W.Va.-Steubenville, Ohio: 53 percent

Source: USA Today, Haya El Nasser and Paul Overberg (11/21/2008)

September numbers are in

Greater Erie Board of REALTORS MLS Data is the source for ths information.

Total sales for the month of September of '07 were 236 vs 237 for '08. Residential for '07 was 204 and '08 shows 192 sales. Total listings taken for the month in '07 were 506 and 459 for '08. Residential listings were down too, 387 in '07 and 321 in '08.

To me it makes sense that sales would be down slightly as the inventory is less. Contrary to popular belief that "there are so many houses for sale." Fact is, less homes have been listed for sale in the marketplace. This is true for each and every month this year in comparison to last year.

What will October bring? Let me know your thoughts.

October Stats for Erie Marketplace

MLS Data

Some quick numbers:

• Active Listings:  2980
• Number of Pendings:  426
• Avg Single Family Sale Price:  $125,205
• Single Family Months of Inventory:  6.98 months
• Multi-units Months of Inventory:  12.84 months

Active listings and pendings above represent all property types - residential, investment, land, business and commercial.

I continue to hear that there are so many homes for sale.  Again, this is true - there always is.  Interestingly though, there are 315 less homes for sale this year versus last year through October.

The Average and Median Selling Price is up slightly from last year.

July 2007 Statistics for Erie Real State Market

Stats just released from Erie MLS!

Quick facts:

*  Active Listings:  3044 units

*   Number of Pendings:  485 units

*  Average Single Family Home Sales Price:  $122,695

*  Median Single Family Home Sales Price:  $96,500

*  Single Family Months of Inventory:  7 .05 months

*  Multi-units Months of Inventory:  13.09 months

Active listings and pendings above represent all property types - residential, investment, land, business and commercial.

I seem to always hear that there are so many homes for sale.  This is true.  Interestingly though, there are 182 less homes for sale this year versus last year thfough July. 

The Average Selling Price is down slighlty and the Median Selling Price is up slightly from last year.