Things are looking up: Pending sales were up 13.7 percent from a year ago despite the harsh weather and other factors. Brokers reported 6,132 mutually accepted offers this past January compared to 5,393 in January of 2011.
Inventory is down nearly 20 percent from a year ago with Brokers adding 6,666 listings to inventory last month; with a total of 26,226 active listings last month compared to 32,647 a year ago.
Closed sales reported last month were 3,469; up 8.2 percent from a year ago when Brokers reported only 3,207 closed units.
The median selling price was logged in at $214,990; down 11.7 percent from a year ago when the median selling price was $243,500.
With the decline in inventory, the lowest interest rates in decades, job growth and pent up demand along with rising sales, it shouldn’t be too much longer that we see prices stabilizing and start to rise again…the only thing holding us back is the drag caused by the distressed properties which should be decreasing as recent changes in the law has slowed the foreclosure process in many areas.
Let me know how I can help make all of your real estate experiences a good one!