Over the past 5 weeks, the average number of properties sold is 106 per week, and this week, 103 properties were reported sold in the West Side.  The average number of new listings over the same time period is 219 per week, and there were 226 new listings in the past week.  To sum it up, everything is on an even keel.  Total listing inventory in the Westside is quite stable, hovering close to the 3,000 mark for the past 5 weeks.  Some of the inventory is taken up by sales, and some of it is still being withdrawn from the market.

What is very noticeable this week, when looking at what properties have sold, is that several properties that have been lingering on the market for some time are now sold.  Two small one bedroom homes sold over list price in the past week, one at $13,000 over list, and one at $5,600 over list.  A South Granville home which had been reduced by $100,000 ended up selling at $100,000 over the amended price, or at the full original asking price.  As we are still in a buyer’s market, many of us Realtors® are extremely busy showing listings to very pickey buyers who are biding their time.  But as the sales activity improves and inventory remains stable, some Sellers are being a bit tougher in negotiations, insisting on fair market value, as we now have actual data to establish where market prices are, as compared to the questionable market of last Fall.  As a buyer, if you have been searching and sitting on the fence for many months, you should be prepared now, to act on that right property that is priced right.