Real Estate Update
ó In November 2013, the median price decreased from $253,500 to $245,000. The median is 25.6% higher than one year ago.
ó The median price decreased for the second consecutive month. We have been seeing a shift in the market over the past few months and now it’s starting to show up in the stats. The market is slowly shifting towards a buyers market this winter, as inventory is slowly increasing and buyer demand is a little lower.
ó The available housing inventory is up to 1.9 months. I expect to see that number slowly increase as we go through the winter. A “normal” or “balanced market” is between 4 to 5 months.
ó The homes that are priced right, show well and have a high quality marketing plan are still getting sold but the buying frenzy has stopped. Price reductions are now happening and the listings that are over priced are sitting with no showings/offers.
ó High Demand and Low Supply/Inventory has driven the market prices up in 2013. The market is finally beginning to find a balance and seller’s power of the past 1.5 years is shifting to be more equal this winter.