November 2008 Market Trends for the Big Canoe Community:

• Current Home Inventory in Big Canoe® is now at 245 vs. 249 in October. Please note inventory numbers below.

• Days on market for November were 258 vs. 148 in October. (Homes sold) 194 Days on market… homes for sale.

• Big Canoe’s overall month’s supply of inventory is … 64.0 months vs. 43.2 last month.

• Average listing-to-sold ratio YTD is 87.5%.
  • Note: C21 sales ratio is 93.7% YTD. That’s a lot of money in your pocket. On a $400,000 home we would be saving you over $20,000.00. Why use any other broker for a decision so important?

• 71 homes have sold YTD vs. 98 homes YTD November 2007; vs. 154 homes YTD November 2006 and vs. 174 homes YTD in November 2005.

• The average sales price in November was $480,750 compared to $383,381 in November 2007.

Big Canoe Community Homes Sold in 2008:

Price Range             # of Homes Sold in Price Range     % Representing Homes Sold     Homes Listed                   % Listed

Less than $200K                              5                                                7%                                     14                              6%

$201K - $250K                              11                                               15%                                     13                              5%  

$251K - $300K                              10                                               14%                                     29                            12%

$301K - $350K                                8                                               11%                                     24                            10%

$351K - $400K                                6                                                 8%                                     29                            12%

$401K - $450K                                7                                               10%                                     20                              8%

$451K - $500K                                7                                               10%                                     30                            12%

$501K - $550K                                3                                                 4%                                     14                              6%       

$551K - $600K                                2                                                 3%                                     11                              4%

$601K - $700K                                5                                                 7%                                     26                            11%

$701K                                              7                                               10%                                     35                            14%

TOTAL                                           71                                              100%                                   245                           100%

Market Trends for the Community of Big Canoe Summary:

Overall volume (dollars) in The Community of Big Canoe is down 31.53% vs. YTD 2007. We are pleased to say that our business is up 29.07%.  

Months of inventory has jumped to 64.0 months. We had been seeing downward movement in this number for the past few months. But remember, sales in December always slow down; thus a major build up of inventory.

Yes, selling activity for November and December traditionally slows down. However, if you do have a buyer looking at your home, they are probably pretty serious. So please make sure you’re home is always ready for that perfect showing.

Nationally, pending home sales are holding stable. A sign that many industry experts feel a bottoming out is starting to occur. Additionally, foreclosure activity for November showed a 7% decrease from the previous month. Again, industry experts feel the loan modification programs and new foreclosure processes are working in a positive fashion.

So yes, that’s what is going on in the market, but what are we doing? Well, after almost three months, we are getting ready to launch our new website. With 84% of all home purchasers spending two weeks researching on the internet before they contact an agent, we must continue to invest in this technology. We are all very excited… and we are sure you will be to. Be looking for www.BCHomesAndLand.com.

And remember, Location, Condition & Price must all line up to sell your home.

Till next time,

Tom and Kelly

Owner / Broker

Century 21 Best Mountain Properties

Source: Broker Metrics / FMLS