Melbourne Area Blog

As we are nearing the end of what is normally considered our busy season there are indications that we are reaching a "transitional" market.  As mentioned in previous posts the inventory on resale homes has decreased considerably since the beginning of the year. There are currently just over 4500 resale homes on the market county wide. At the end of last year that number was above 7200.

At the beginning of every month I post the number of new listings and the number of sales compared to the same month of the previous year. The month of June 2009 showed another increase - 14% - compared to June of 2008. It will be interesting to see the numbers for July as not only has the inventory decreased but there have been fewer new listings on the market.

Twice in the past month I have been in a "multiple offer" situation. It is similar to several years ago at the start of the boom when the inventory was low. We would watch daily for new listings to show our buyers, and if priced right and in good condition there were multiple offers. So although there are many homes still on the market we are waiting for new listings. If a home is in good condition and priced at or below current market value it should be a quick sale!