The Bijou 2nd quarter 2015 market comparison report continues to showed one positive note with the median sale price increasing. However, the rest of the categories showed negative notes from January 1st through June 30th, 2015. When comparing the first half of 2015 to the first half of 2014, we find that the number of sales decreased slightly, the median dollar per square foot decreased and so did the list to sale price ratio. The days on the market went back up in 2015 (the time a home is on the market from the listing date to the close of the sale).
| Bijou Comparisons | 2015 | 2014 |
|---|---|---|
| Number of Sales | 29 | 30 |
| Median Home Price | $285,000 | $246,399 |
| Average List to Sale Ratio | 95.3% | 98.9% |
| Median Dollar Per Square Foot | $202 | $226 |
| Days on the Market | 101 | 78 |
Current Market Conditions
As of July 13, 2015 the Bijou neighborhood reports 47 homes on the market (active and in escrow) ranging from a minimum of $136,000 to a high of $879,000. The basic law of supply and demand is described in real estate terms as the “absorption rate.” Absorption rate (or monthly supply of inventory) are a calculation based upon the rate of closed sales to active listings. It is an accurate way to keep track of market trends. It is considered a balanced market when there is a six-month supply of homes available for sale. This indicates that that there is enough inventory to supply the current demand of buyers looking to purchase. Less than six months is considered a seller’s market and greater than six months is a buyer’s market. As of June 30, 2015 the Bijou neighborhood is reporting a month supply of 12.9 as compared to 9.8 for the same time in 2014.
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