Housing Market Statistics for April

Hot off the press, or Peoria Area Association of Realtors Office :), are the market statistics for April 2009. Below is a link for you to check them out.

http://www.thekimgroup.com/Downloads/PAAR-Market_Statistics-April_2009.pdf

What are you looking at?

Well if you are selling your home, you will want to pay close attention to the months supply within your price range. Months supply of homes on the market is the ratio of the current inventory of active listings compared to sales in the last month. So given the recent sales activity, one could estimate how long it would take for the entire inventory of active listings to sell, assuming no new listings appear on the market and that the homes are priced reasonably.

If you are a buyer, you can see where the majority of the inventory lies. Some buyers tend to think there are more deals available in the ranges where there is more supply.

Either way, it is good to know what the market is doing. If you are interviewing agents to sell your home or assist you in purchasing a home, ask them about the market. See if they know what the current months supply is for the price range of your home or the home you are looking for. If they are unsure, you might want to interview more agents. You want your agent to know what the market is doing and where your home is priced - is it priced right? too high? what is your competition? etc.