With the snow starting to fly, it is a great time to look back on how the fall real estate sales finished up. The overall picture of the entire market from agricultural to businesses to residential houses, saw the number of year to date listings drop from 2012 by approximately 13%. This is not meant to cause alarm to the market but just to draw attention to the fact that certain sectors can affect the overall picture. For example, if you look at the number of businesses that were for sale this year, we only saw 17 listed as opposed to 24 last year. So many can look at this in a positive light that businesses in the area were doing well and owners were hanging on to them as opposed to looking to sell out. But if we take a peek at the overall picture of the number of sales, we were up 7% at this point of 2013.
This month, I'll take a look at 3 different areas of interest: land sales, houses on acreage and your residential housing market. Many folks are looking into land puchases and looking at building their next home. This can be an ideal way to get exactly what you are looking for but you must be very careful as I've seen many prices fluctuate dramatically once the building began and "additional" details suddenly brought the inital cost of building the home up substantially. This can be tough later on when you go to sell and realize that the market will not bare the price tag you are looking to put on in order to sell that home.
We saw quite a substantial change in the number of listings for land this month in comparison to 2012. We only saw 4 listings come on when October 2012 had 19. The great news is that the average sale was up $10,000 from last year so sellers saw a bigger return than last year. We also saw a higher number of sales throughout this year with 28 sales to date which is up by 11 sales from last year at this time.
Now let's add a house onto acreage and list it. We saw 8 new listings in that category in October which was down by half from October 2012. The areas that went up? The average days on the market were only 79.5 in comparison to 112.7 last year. The sales up to this point for the year also increased by almost 9%. There are many more buyers looking for a bit of land and more privacy so that is a positive note for those types of listings.
And of course, our favorite category to evaluate is of course, residential houses. We definitely saw a decrease in sales this month from last year at this time with it dropping in half down to 11 sales. The year to date sales comparison though is fairly consistant and ended up at 105 sales this year, only down 9 sales from last year. We did see a fair substantial change with the average sale price. Last year in October, a residential house sold for $253,711 where this year in October they were averaging at $223,772. However, when we look at the average days on the market, we are right in line with last year with only a couple of days difference.
So as we analyze October, we do see lots of ups and downs. This is not to say that it will dictate how your next purchase or sale will be but it is a great way to see what the general market is doing and how you can fit into it. If you are interesting in buying or selling, give me a call to see how your property might fit into the big picture.