I just read the local report from our Multiple Listing Service. The most recent data available is from the second quarter of 2007 which ended in June, the third quarter data is not available but I have tried to retrieve as much as I could. According to the data Allegany County is in a Stable Market with an indicator of 3. 1 meaning that we are in a buyers market and 5 meaning that we are in a sellers market.
Third quarter data shows that an average of 450 homes are on the market at any one time. This is down from the second quarter high of 597. The days on market has risen in the third quarter to about 110 days. This could be due to the number of homes that were on the market in the second quarter and hopefully we will see this number fall in the fourth quarter which will indicate better things to come.
Total units sold in the third quarter was 173. This number up from 152 in the second quarter and 118 in the third quarter. It should be noted that 174 units sold in the third quarter of 2006 before the market slowed. Average sales price for the third quarter was $125,350. This number is up from $122,800 in the third quarter and $111,200 in the first quarter of 2007.
I think I like what I am seeing for the Allegany County market. With the interest rates down the forth quarter should mean better times in the local market.