1st Half 2015: The Return of the Buyer!
Pending Sales are on a 10+ Year High: Buyers have returned in force. The first half of 2015 has shown 28% more new escrows than the same half in 2014.
Average Sold Prices Are Up: Because of somewhat limited inventory and the influx of buyers, the average sold price in 2015 of $369,000 is 15% higher than the first half of 2014. The forces of supply and demand cannot be stopped.
Inventory Remains Low: Based on the number of pending sales, we have less than 3 months of inventory of single family homes. We remain in a seller’s market.
Market Priced Listings Sell Quickly: 45% of all new pending sales are on listings that have been on the market only 21 days are less. Overall, the average home is sold at 95% of the list price.
Homeowners who have been waiting for the market to improve in order to move on with their lives need not wait any longer. Get the home on the market at the fair market value price, and it will be sold quickly.
Buyers who are waiting for prices to improve will be priced out of the market. Prices continue to go up. Mortgage interest rates may also go up. Why wait? Buy now, lock in your housing costs for the next 30 years, and start building equity.