What do the first quarter numbers tell about our real estate market? I’ll go over that for you today.
What’s happening in our market now that the first quarter has come to a close?
If you look at the chart showing closed sales for single-family homes over a 10-year period in the video above, you can see that in 2007 through 2009 there was a huge shift in the market. We had a little bump up when we had the tax credit in 2010 and we’ve had a steady incline since then.
The other chart is the pending sales. Pending sales for April were at an all-time high. Days on market has dropped down to about 50 days on average. Tighter supply and more demand are causing homes to sell a lot faster.
The average sales price has been steadily increasing since 2012. The average price per square foot has also been rising pretty steadily. Last year we had a 4.8% market appreciation and this year seems to be on track for the same trend. Higher price ranges are not seeing as much appreciation, especially when you get into the high-end luxury homes.
It’s a great time to be a buyer or a seller.
The next chart shows the number of bank-owned homes that are being resold. At the peak, there were about 30% of these types of homes, which is currently down to 10.8% for April.
This is just a quick overview of some average numbers in our market. We would be more than happy to go through the numbers for your specific area or neighborhood with you in more detail. The market is hot, but it’s not hot for all neighborhoods or price ranges.
To find out what’s going on in your area, or if you have any questions, please feel free to give us a call or send us an email. We’re always happy to help.
