The February numbers are in for our area, and it is good news. Let’s see what’s going on.
The number of new listings decreased by 10.5 percent. Keep this in mind when Chicken Little is running around on the national news saying, “The foreclosures are coming…” This is actually good news because it decreased the competition for existing listing leading to…
Closed sales – sales that were actually sold & completed -- increased 32 percent. Wow! Let’s just let that one sink in.
The median sales price of homes in our area increased 2.6 percent to $200K (that means half were over that amount, half were under). The average sales price in our area is $233,949. The national median existing-home price for all housing types was $156,600 in February, up 0.3 percent from February 2011. (http://www.realtor.org/press_room/news_releases/2012/03/ehs_feb)
Number of days on market did increase by 9.4 percent to 125 (hey, I have to give you the truth and not just all the sunshiny stuff!). But, that is still only about 4 months.
Month’s supply of inventory is at 6.5 percent. Traditional rule is home inventory under 6 months is a sign of a positive market, and we are darn close. In February, 2011, we were at 9.5 percent.
Percent of original list price received: 96.5 percent which remained the same. More than anything, the market is telling us that it is most important to price your home right the first time. Subsequent reductions lengthen time on market. I’ll more on that in an upcoming blog.
So, what does this mean: Home sales are up – by a healthy number! It is taking a little longer to sell, but I can attest that showings have increased, meaning that buyers are coming out. Prices have increased and mortgage rates are going up, too. Gone is the 3.7 percent rate we saw just a few months ago. Still wondering when to buy? I think we have our answer right here. The economic forecast is positive and rentals are going up.
Think you can’t buy – I bet you’ll be surprised! I have several mortgage experts who will speak to you in complete confidence and at no charge. Get in touch. How can I help you?
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