The newest stats came out today with the local greater Ithaca New York housing data for a given month year over year.   After quickly reading, it didn’t take me long to conclude that we have most of the ingredients to make for a nice buyer’s market….

New listings – a count of the properties that have been newly listed on the market in June 2011: 201.  That’s a 29% increase from June 2010! 

Pending sales – a count of properties with contracts accepted in June 2011: 117.  In June 2010 it was 133 – that’s a 12% decrease!

Closed sales – a count of actual closed sales in June 2011: 118.  A 12% decrease from June 2010, where the number of closed sales was 190.

Interestingly enough, the Days on Market – the number of days from when a property is listed to when a contract is accepted – has not increased dramatically.  In June 2010 the average was 74 days and in June 2011 it is 71 days.  A slight improvement. 

And, not so surprising to the locals, is the median sales price from June 2010 to June 2011 has increased!  June 2010: $169,200   June 2011: $182,000.    Good news property owners; if you are looking to sell, your property probably hasn’t decreased in value sharply, however, you may be waiting much longer for an offer to come in and it may be a low-ball offer.  Don’t be afraid to get in there and negotiate!

These are the beginning ingredients to ripen a market for buyers: Inventory is up (some might say we have an overflow of inventory),  pending  and closes sales are down.  We’ll see where the rest of the summer and fall take us…

All market’s are local, contact a local REALTOR to learn more about your particular market.