The numbers are in for the month of March, 2012 for our area. Generally, trends are positive and I have been feeling and seeing the energy in increased showings and activity. Here’s the scoop (as compared to March 2011)*:
New listings decreased 12.2%
Pending sales increased 17.1%
Closed sales increased 11.2%
Days on market increased 2.9% from 131 days to 135 days to close
Median Sales Price increased 1.6% from $182,000 to $185,000
Average Sales Price increased 2.6% from 212,515 to 218,079
So, in a nutshell, what does this say? Well, prices are going up (for those of you who are waiting for the bottom – it may well have passed by). The decrease in new listings is a good thing for homes that are already for sale as it means supply will be lower. It does appear to be taking a little longer to sell; however, it is clear that buyers are out and not just looking, but actually buying. Homes are selling!! Absorption rates improved as the supply of inventory was down 27.4% to 8.1 months (don’t know what this is – call me and I’ll explain. It is crucial if you are selling your home)
Still on the fence about buying? Tired of filling your landlord's pockets with nothing to show for it? Let’s talk – mortgage rates are still really low and great opportunities are out there.
In the meantime, enjoy our beautiful Triangle Spring weather! Take some time to smell those lovely flowers.
*Source: Triangle Multiple Listing Service
Update on my previous FHA blog: The powers that be have decided to delay a decision on limits to those who qualify for FHA loans until July 12, 2012. They may remove medical debt from the list of debts to be included, but at this point I cannot predict what they will do. Stay tuned & I’ll keep you posted.
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