Jeremy Jenks: One more Market Common update video for you guys. I’ve got some really interesting information. Of course, when you’re studying the market at Market Common like we talked about last week, you’ve got to respect the new construction, okay? It’s like the 800-pound gorilla in the room, all right? You may not want him to be there, but we gotta talk about it, okay?
If you own a home in The Market Common or you’re thinkin’ about buyin’ in Market Common, one of the biggest things that we can look at is the volume of sales or velocity of sales. What I like to look at for volume and velocity is if I’m pricing a house, a $250,000 house, and 10 of ’em sell a month in that area versus one of them selling a month, that’s a huge difference on what my seller … Or 100 sell a month, that’s a huge difference of what my seller … They can price it a little bit higher if there’s a ton of velocity, and after some of the inventory goes, it’s gonna get snatched up. Okay?
So in Market Common, for example, closed sales, January 2016, January 2017, so you got 267 in January 2016, 265 in January 2017, it’s running at a very kind of even pace. We’re stayin’ in the 250s, 260s, okay?
Closed resale homes, so now we’re takin’ the builders out of it, look at this contrast here, okay? January of 2016, we had 40. January of 2017, we had 68. So humongous difference between the overall sales volume, the new construction builders, and the resales. Why is that? If, given the opportunity, people will pick new over a resale. Again, like we talked about last week.
So good news is January 2016, 40 out of the 267, that’s about a 15% of Market Common’s market is resales. It’s climbing now, it’s almost 25%, and it will continue to climb because the new home builders are gonna run outta lots and run out of inventory, and then the market in Market Common will stabilize. When that starts to happen, I’ll continue to keep you updated in the future, and we will certainly be talkin’ about it.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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