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
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