Monday Mornings with Ashley - What's happening in the real estate market for Auburn and Opelika?
1-25-2010, Ashley D. Miller – http://www.ashleydmiller.com/ – ashleymiller@remax.net – 334-332-8328
As I read the newspaper on Sunday morning, it was hard not to read an article about the condition of country’s economy. From jobless rate to health care reform to budgets busting at the seam, things seem to moving towards ‘better days’ at a slow rate.
Then I began thinking about closer to home in the Auburn/Opelika area. We have many things to be thankful for in our area as far as the economy goes. I know there are those around us struggling but overall our area has not been hit as hard as many areas across the nation. So, without any further intro…here is the “State of Housing” blog for Auburn/Opelika area.
Featured Listing: 1433AnnalueDrive.info
I have provided a link above for you to do your own analysis of home stats in Auburn, Opelika and Lee County for the month of December 2009. First, I would like to talk about what is encouraging in the numbers. What jumps out at me is the inventory numbers. We are down 131 units total that are on the market now as that of a year ago. That is a start in the right direction. When the market is saturated with inventory it makes buyers a little more nervous about jumping into home ownership. For Auburn, the next positive item of interest was that average days on market, down 38 days. The amount of time to get an offer, go through the lending and pre-closing procedures and then to the table has become more tedious. Seeing a decline in this number is encouraging.
Now for some of the 'not so bright side' of the numbers…Average sales price is down 13.4% for all areas. This equates to 12% in Auburn and 16.4% in Opelika. Part of this decline is market correction for inflated prices, foreclosures and short sales as well as some sellers needing to ‘unload’ a house for various reasons. Another area that astonishes me is the condo market, especially in Auburn. Condos on the market are up over 100 units, days on market have extended three months longer and average price is down $100K. Changes in the condo financing over the last year has hurt this market as well as over building to satisfy this need in the area.
Got a contract on this wonderful home this last week! Inspection is today and hopefully all will go well and we will close in late February. 938BoulderLane.info
I looked at what was homes were pending in the Auburn/Opelika area and what homes had sold recently and came up with the chart below.
Total pending Pending since 1-01-10 Sold since 1-01-10 %LP/SP
Auburn 34 14 8 97.5%
Opelika 32 14 9 96%
%LP/SP= Percentage of asking price was the selling price (does not include concessions).
I want to pass along some helpful information. You have heard a great deal about short sales. If you do not know much about them, watch this video: RE/MAX Agents Help with Short Sales
The key to me being able to help you or anyone you know with a short sale is to start early. If you are behind on mortgage payments or struggling to make them, I can help you get the process of a short sale started. Pass link above and my information on to anyone you know that may be in danger of entering into foreclosure. A short sale can be a great alternative to help manage any financial burdens you may be having.
Wrote an offer on this great house with some buyers last week. The buyers plan to close first of March if all goes well! Will update with pictures once it is closed!
What’s in store for 2010?
I added the last portion about short sales because we are going to be seeing more of these types transactions in the year to come. Catching sellers before it is too late is the most important thing.
I have a positive outlook for 2010! With the tax credit for first time buyers and repeat buyers in place, we will see a surge of activity before the April 30th deadline. Click this link for more info on the TAX CREDIT FOR BUYERS! If I can help you or anyone you know with real estate information, please let me know.
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