Real estate prices rise, inventory falls

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Prices and inventory are two measures of how the real estate market is doing.   In Salida, the median home sale price has increased about one percent up year to date from the same period in 2007-2008.  During the time period of November 1, 2008 – October 31, 2009, the median sell price was $271,500 compared to $269,325  for November 1, 2007 – October 31, 2008.   For the area, the median price of a home dropped from $230,000 to $219,250 over the same time frame.

Inventory has dropped to 452 homes on the market in the area, which amounts to a supply adequate for 1.89 years.  A normal market has six months of inventory.  For the period of October 1, 2008 to Sept. 30, 2009, inventory was  485 or 1.97 years.  Most people think it is a buyers’ market.  However, in the category of homes between $85,000-135,000, it is a sellers’ market.  In all other price categories, there’s a good selection, and it is a great time to buy.