HometownGeorgetown.com

Seventeen deals went to the closing table in Georgetown over the past week. That number seems pretty low compared to 48 new listings coming on the market. Our inventory levels are quite high, which means that buyers right now have an excellent chance of finding their dream home. (It’s not such great news for sellers, I’m afraid.)

The homes that went on the market this week are priced from $60,000 up to $659,000. (My favorite, of course, is the one I wrote about yesterday. Where else are you going to find over 4000 square feet of high quality living space on over 4 acres for less than $400,000?)

Eleven of the seventeen homes that sold this week sold for less than $200,000. Only one sold for over $400,000. It sold for $485,000 after more than a year on the market, and it was originally listed for $539,900.

It all sounds kind of gloomy, doesn’t it? But that house still sold for more than its appraised value. And it sold for $138 per square foot. This appears on the surface to be a prime example of homeowners who were not truly motivated to sell. In the end, they were forced to realize that their house was not worth as much as they believed. It’s very likely that if they had priced it more realistically to begin with, they would have sold it for more money than they ended up getting. Their house was tarnished in buyers’ eyes simply because it was on the market for such a long time.

Historically speaking, we’re doing fine. Take a look at these sales numbers from the past five years in MLS areas GTE and GTW:

The number of sales we saw this week are in line with the numbers of the past five years. Things should pick up in the coming months.