Tuesday, April 23 2013
Market Watch
Over the past few months, I have been pretty optimistic about real estate sales. I have shared statistics based on local information to support my opinions. This month I’m going to share some national and statewide information that demonstrates that the real estate market has indeed shifted into high gear.
First on a national basis, according to the S&P/Case-Shiller composite index, average sale prices have increased 8.1% over the past year. In addition, the housing price index posted its largest gain in the last seven years from January 2012 to January 2013.
I have spoken to several Realtor friends in other geographic areas and inventory shortages and multiple offers seem to be the norm, not the exception. In addition to the decline in listed inventory, shadow inventory, (delinquent mortgages, properties in foreclosure and bank owned property) is down 28% from its peak. This decline in pipeline properties will continue to suppress inventory levels.
On a statewide level, the news is also very positive. Over the past year:
· The number of closed home sales increased 18.4%
· The median sale price of those homes increased 4.5%
· The number of pending home sales increased 11.8%
· The number of closed home sales has increased year-over-year for 20 consecutive months.
· The median sale price has increased for 15 consecutive months
· The number of pending home sales has increased for 17 consecutive months.
Locally the big story is still listing inventory. As an example the number of active listings on the market has been as follows:
Local Housing Inventory # of Active Listings:
January 2010 3,034
January 2011 2,839
January 2012 2,532
January 2013 2,247
The absolute number of active listings is lower than at any point in at least 7 years and the month’s supply is lower than all but one month in the past 6 years.
All of this is good news, so what does it mean for you? It’s “time to get back in the housing game!” If you are considering selling your house, list it now. We have the best tools to market, sell and get you the home you want at the right price. Please note that we provide a free market analysis on your home. To order yours, please call me at 812-499-9234 or email me at Rolando@RolandoTrentini.com Comments:
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