Real Estate Update
ó In February 2014, the median price increased from $242,000 to $260,000. The median is 28.1% higher than one year ago.
ó The median price has been bouncing around for the past 6 months and will most likely continue to do so for the first part of 2014. Down a few months, up a few months.
ó The available housing inventory is up to 2 months. I expect to see that number slowly increase as we go through the year. 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 2 years is slowly shifting to be more equal this year. Slowly.