It looks like the recovery may very well be under way! Pending sales rose 19.7 percent over last month for a total of 9,126 during March; a year-over-year increase of almost 21 percent. Brokers are seeing multiple offers in many situations and the housing market is being described by some as “frenzied”.
As prices begin to stabilize and inventory levels remain low together with some of the lowest interest rates seen in decades and rising consumer confidence, it appears likely we’ve turned a corner. Brokers added 8,170 new listings to inventory in March which was slightly better than we saw in February but still almost 1,000 less than the number of pending sales and about 1,100 less than the same month a year ago.
There were 5,044 closed sales reported last month which was an increase of about 10 percent from a year ago. The median price was $225,000 compared to a year ago when that number was $242,925; a decrease of 7.4 percent.
Interestingly enough with the rise in gas prices, 45 percent of new listings in or near the major metropolitan areas are selling within the first month.
As the market appears to be getting ready to leave the station, isn’t it time to get on? Work with a trusted and knowledgeable professional who will help guide you through your real estate transaction!