OPPORTUNITIES KNOCKING IN THE FUTURE??? KERR COUNTY REAL ESTATE SALES DOWN IN NOVEMBER
December 4th, 2008 categories: Assessing the Local Market
Kerr County Area real estate sales were WAY down in November (just 45% of last year’s total). Residential Sales were just 57% of last year. Commercial and Farm and Ranch Sales were pretty much non-existent during the month of November. Lot sales were only one-third of last year.
With numbers like that, one would expect that prices would be going down in the Kerr County market. The average selling price during November was $187,328 as compared with $203,456 a year earlier. However, the Sold Price/List Price (e.g., the amount of actual negotiation occurring) for residential sales during the month of November was 93.21% … just slightly below last year’s percentage of 94.34%. Likely in the coming months prices will continue to fall!
With all the talk about a tight money market, it is interesting to note that of the 28 properties sold in the Kerr County Area, 9 were cash, 17 were with conventional financing and 2 with FHA financing. Likely more homes could be sold (those with loans less than $271,051) if Realtor’s would recommend using FHA financing. Credit requirements … as well as down payment requirements are not as stringent.
Understanding the current market dynamics is important for those selling as well as those buying. Call for a free consultation! 830-995-2511. We sell the Hill Country: Kerr, Kendall & Gillespie Counties.
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