This year continues to be a challenge for selling in University City with the amount of inventory on the market. The number of homes sold so far this year compared to 2011 is up by 14%. The average price of homes sold over $150,000 is slightly down by 4%. Average time on market is has improved to just under 4 months:
Sold Data for University City $150,000+YEAR-TO-DATE # OF TRANSACTIONS $ PER SQFT AVG. $ DAYS ON MARKET 2012 179 $148 $329,108 115 2011 157 $151 $341,284 121 +14% -2% -4% -5%
Record low interest rates are incentivizing buyers to make a move and with the increase in homes sold, sellers are setting their asking prices to attract and compete for the buyers. Sellers and buyers are having a meeting of the minds and are not in gridlock as in recent years. With the increase in the number of homes sold, we will hope to see average prices follow as we move forward.
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About this Column: This information was provided by the Mid America Regional Information System. All information is deemed reliable but not guaranteed.