Real Estate Market Report October 2022: Orleans & Jefferson
Let's take a look...
At the real estate market. Currently, there are 697 sales pending in the market overall, leaving 1824 listings still for sale. The resulting pending ratio is 27.6% (697 divided by 2,521). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
"Current inventory is described as active."
A total of 3574 contracts have closed in the last 6 months with a median sold price of $300,050. Breaking it down, we notice that the $200K-$300k price range contains the highest number of sold listings.
Alternatively, a total of 689 listings have failed to sell in that same period of time.
Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K - $300K price range has the highest number of off-market listings at 167 properties.
"The median list-to-sales ratio for this area is 98.4%."