What is the Market doing in Enterprise?

It seems that everyday people ask me about the real estate market in our area. Is it a Buyer’s Market? All the national news seems depressing………ugh!

I had been telling folks that we were feeling it a little in the Enterprise, Alabama real estate market - new home prices are down some and that there are lots of homes on the market in the $225000 to $325,000 market (about 18 months supply based on the last absorption study I heard) but that homes are still selling and the market is good.

I have gotten some pretty low ball offers lately and I was beginning to questions my market data and found out some interesting facts. The house I had listed was on the market in the high $180’s and the offer was something like $164,900 or something silly like that so I thought I would “dig in” and see what was really going on.

I pulled up everything that has sold in the last 60 days in a price range of around $150,000 to $195,000 and discovered that the list price to sales price ratio was 98%. WOW!

Then I thought, I better pull out all the new construction, guess what, it was still 98%.

So, that means that Sellers aren’t having to take blood baths on the sales price like the national news was saying. Then I decided to look a little deeper.

This is what I found - during the last 12 months the number of homes that sold is down 12% over the same time frame the previous 12 months but the sales prices are up 2% and the time on the market is down 22%. During the last 12 months it took an average of 108 days to sell a house and the previous 12 months’ average was 132 days on the market. Now, the market area I took into consideration was Enterprise,Alabama, Daleville and New Brockton.

So, if the question is: Is it a Buyer’s Market?

I think my answer would be, not yet. Don’t know if it will be either and on the other hand, it isn’t a Seller’s Market either.

If you are looking for real estate in Enterprise, Alabama or the Fort Rucker area, give us a call at 334-347-6610. Or email me at becky@realtor.com We'll be happy to discuss the Enterprise, Alabama real estate market with you.