Another month has passed us by. Our market is still, very definitely, a seller’s market at an absorption rate is of 45%. This means that a home should sell in just a little over two months or less.
What sold in August?
So how fast did homes sell in August? We had 21 homes sell in an average of 21 days. That’s quite a number for our area, although it is down slightly from the same time last year. Four of these homes were not used to calculate the absorption rate due to their price range. As they were well above the norm for our area and included large acreage, they would have really skewed the market numbers, thus not giving us realistic sale prices.
Sale prices ranged from the lowest of $65,000 up to $4,900,000. The average sales price being $193,206. To put it in other words, if you have a three bedroom, 2 bath home with approximately 1517 square feet, you should expect to see it sell for around $193,206 (depending on condition.) On average, homes in Mineral Wells are selling at 97% of their asking price.
How Does September Look?
Now is an excellent time to sell. With inventory being down, buyers are looking for well maintained, freshly painted, ready to move into homes. When one comes on the market, it’s not unusual to see it go under contract in a matter of days.
Currently we have 20 homes under contract in Mineral Wells waiting to close. These range in price from $135,000 to $299,000. We have 42 homes available for purchase, ranging from $55,000 up to $319,900. Our market is fairly robust and if you have your home priced right, it’s going to sell fast. Even in a seller’s market, it is extremely important to have your home priced realistically.
Are you thinking you may be ready to sell?
If you would like to have a conversation about selling your property, give me a call. Let’s talk about the different things that will help your home sell for the most amount of money in the least amount of time.
Sometimes, your home is ready to go. Other times there may be some work that needs to be done. FHA, VA and USDA loans are much more strict on their guidelines than a conventional loan, so this is an important part of our conversation.
Give me a call, send me a text or shoot me an email.
