Wednesday, December 8, 2010

Florence Real Estate Market Trends Steady

As of this posting the Florence Residential market has 416 active residential listings at a median price of $215,000 and a cumaltive DOM (days on market) of 358.

The last 6 months of sales have netted 137 sales at a median sold price of $163,000.

I find these numbers encouraging for two reasons. Last year we peaked at 485 residential properties being available. This year we are at 416. Last year we averaged around 13 sales per month in contrast with 23 sales per month this year. This year the median sale price seems to be holding at $163,000 as apposed to a year ago at around $155,000.

Housing has become much more affordable and interest rates are at an all time low. If lenders start making loans available based on common sense math and credit, we will be looking toward a long awaited stable market.

Unfortunately the lending criteria and federal scrutiny continues to make it difficult for even strong credit risks to obtain a loan. We need to let our Government officials be aware that credit regulations are far to tuff for the even the well qualified buyer.

If you are wondering where you stand in regard to your ability to get a loan today, give me a call. Those that can obtain a loan today are going to get a fantastic buy with a savy buyer's broker!