Residential sales held steady at 76 homes sold while Condominium sales increased to 116 units sold. Land sales came in at 22 lots sold.
The Residential home median price held steady at $512,500 while the Condo median price increased to $365,000. Land median price came in at$370,000.
Days on Market, Residential homes = 125, Condos = 109 DOM, Land = 108 DOM.
Year to Date:
Residential unit sales increased (980 homes sold / +42 units / +4% change YTD), average sold price =
$782,764 (+11%YTD), median price = $530,000 (+13%YTD) and total dollar volume sold = $767,108,838 (+16%YTD). Condo unit sales increased (1,334 units / +81 units / +6%YTD), average sold price = $571,380 (+22%YTD), median price = $374,500 (+5%YTD). Total Condo dollar volume sold = $762,220,783 (+30% YTD). Land lot sales increased (218 lots / +42 units / +24% YTD), average sold
price = $664,091 (+18%), median price = $399,500 (+14%), Total dollar volume = $144,771,747 (+46% YTD).
Total sales for immediate past 12 months: Residential = 980 (with 18.8% being REO or Short Sale), Condo = 1,334 (9.9% REO or SS), Land = 224 (9.4% REO or SS).
Current Absorption Rate base on this month’s Active/Pending-Continue to Show/Contingent
status inventory divided by December Sales is:
Residential = 8.7 months, Condo = 7.3 months, Land = 18 months of inventory.
Close of 2013 - Sales Unit numbers up, Inventory growing due to rising Prices ……
Year-to-Date prices are rising. Increased showings and sales, multiple offers on “well priced” listings,
hesitant buyers become onlookers…... Window of opportunity is quickly closing for first-time
homebuyers (see below). Well priced properties are attracting multiple offers making for a quick sale. Inventories in Residential and Condo classes are increasing somewhat as Sale Prices increase. REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are inching up slightly which may help motivate would-be Buyers to go ahead and buy IF they can qualify.
Savvy Investors are buying with Cash. While general U.S. economic news looks cautiously hopeful, current
World and US events will have ripple effects on cost of living, consumer confidence, Financial and Real Estate Markets.
Rising Sales prices cause some “Owners” to become “Sellers,” putting their homes on the market.
FOR SELLERS: Sharpen your pencil, talk to your CPA and your Realtor® to explore the hidden benefits
or consequences. Make no assumptions that will sting later. To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (Seller Second Loan, Agreement of Sale, Lease-with-option-to-buy, and Sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe, often with multiple offers. “Priced Right” is still the determining factor. BEST Deals are selling, while significantly over-priced listings remain un-sold. Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage realistic offers from knowledgeable Buyers. This can prevent unanticipated escrow fallout or Buyers whittling your price down during the transaction when previously unknown facts come to light.
FOR BUYERS: Low interest rates prevail; however have started to nudge up. Buyers should get Pre-
Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans).
"Short-sales" and foreclosures are still in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6-12 months) to close, if at all.
Be prepared, but BE REALISTIC. Lenders are much more stringent on requirements now for loan approval,
compared to 2004-2008. First-Time Home Buyers – Many programs are available….. Attend a First-Time Home Buyers workshop, get familiar with the process, get qualified/approved, do your homework to get your own home. Many current owners never thought they would be able to own until they attended a workshop, discovered they could own a home, and are glad they did.
The low point in the market has passed, so check it out carefully NOW, don’t delay. The opportunity is
fading quickly.
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