Home Sales Success Rate Remains Stable April 29, 2010
One statistic that we have been maintaining at The Market Bulletin is a measurement that we refer to as the “Home Sales Success Rate.” Currently, the one-year trend is at a two-year high, but has held steady for the past two weeks.
By dividing the total number of closed sales by the total number of new listings, over a specific time period, we can show a trend that gives a hint at how many homes (as a percentage of the total) are actually selling.
We are more curious about the direction of this trend as opposed to its absolute value because we know it does not track the history of homes being sold against their specific listings.
Sales Success Rates Still Too Low
The graph below shows:
- 1 Year Trend: 49% of homes are selling
- 9 Month Trend: 49% of homes are selling.
- 6 Month Trend: 46% of homes are selling.
- 3 Month Trend: 35% of homes are selling.
So, in simplified terms, we can say that over the past year, less than 49% of the homes that were listed actually sold. Lately we have seen some improvement in the one-year trend, but all the shorter term trends have been falling so we must keep an eye on their progress.
Great Real Estate Resource Sites
Do you want to know more about the Tallahassee real estate market? It is not as hard as you might think keeping up with the movements in the housing market, you just have to know where to look. The following realty resources are some of the best that you can find, and they are updated on a regular basis and are worth a book mark for people interested in the changing dynamics of the market.