The Bijou 1 and 2 neighborhoods for the 2nd quarter market Â report showed positive notes in all of the categories we follow regarding the market trends. When comparing the market for first half of the year in 2014 to 2013, we find that the amount of sales increased, the list to sale price ratio increased, the median home price increased as did the dollar per square foot amount. Â The median days on the market also improved in 2014Â (the time a home is on the market from the listing date to the close of the sale.)
|Number of Sales||15||13|
|Median Home Price||$245,100||$275,000|
|Average List to Sale Ratio||96.1%||96.5%|
|Days on the Market||80||60|
|Month Supply of Homes||10.5||9.8|
Current Market ConditionsÂ
As of July 8th, 2014 the Bijou 1 and 2 neighborhoods reports 28 homes on the market (active and in escrow) Â ranging from a minimum of $195,000 to $1,350,000. Â The basic law of supply and demand is described in real estate terms as the â€œabsorption rate.â€ Â Absorption rate (or monthly supply of inventory) are a calculation based upon the rate of closed sales to active listings.Â It is an accurate way to keep track of market trends.Â It is considered a balanced market when there is a six-month supply of homesÂ available for sale.Â This indicates that that there is enough inventory to supply the current demand of buyers looking to purchase.Â Less than six months is considered a sellerâ€™s market and greater than six months is a buyerâ€™s market.Â As of June 31st, 2014Â the Al TahoeÂ neighborhood is reporting a month supply of 2.8 as compared to 4.2 for the same time in 2013.