Home Prices -Kokomo & Howard County – Mar 2009
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Home Prices – Foreclosures vs All Other Sales
Home prices in Kokomo and Howard County continue to be very interesting – especially when you compare sales prices of foreclosure homes to sales prices of all other homes.
In March, a total of 75 single family homes sold throughout the county. Of those 75 homes, 36 were foreclosures and 39 were sold by individuals, estates or relocation companies. That means that 48% of all the homes that sold were bank-owned properties. That is inspite of the fact that only 13-15% of all homes on the market are foreclosure homes. (See Where Do Foreclosures Fit in the Kokomo Market.)
The chart below shows sales statistics for single family homes sold in Kokomo and Howard County in March. (Click the chart for a larger view.)
(See below for an explanation of the columns.)
So, what does all this say about the housing market here in Kokomo?
If you are a buyer, it tells us that in most cases a ”low-ball” offer is going to leave you with just that… A low-ball offer! In many cases, you won’t even get a counter-offer. Just total rejection! And if you play around too much with low-ball offers, you could find yourself losing a great house or two to other buyers who make more realistic offers.
Sellers, don’t be discouraged! If you need to sell make sure your house is in near perfect condition and priced to the market. Don’t get into the game of “let’s try it for a while” at $—–, we can always lower the price. Peak interest in a home is in the first 2-3 weeks it’s on the market. Make sure the right people see it at the right price!
What do the columns mean?
- DOM – Days on the market:
This figure may not be entirely accurate. Some properties have been on and off the market several times. Others have expired and reentered as new listings. So take this fiqure with a grain of salt.- Median Asking Price:
This is the “middle” asking price of all houses sold. Half the houses sold were higher priced and half were lower priced. This figure is based on the asking price of the house when the offer was accepted. Many houses started at a higher price when first listed for sale.- Average Asking Price:
This figure comes from adding all the asking prices together and dividing that number by the number of houses sold. Once again, this figure is based on the asking price when the offer was accepted.- Average Sold Price:
This figure comes from adding all the sold prices together and dividing that number by the number of house sold.- Sold vs. Asking:
This is the average percentage of the final asking price houses actually sold for – 91% for all houses.
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