Real Estate Update
ó In March 2014, the median price increased from $260,000 to $262,450. The median is 20% higher than one year ago.
ó The spring selling market is showing signs of good strength with inventory still low and buyer demand staying strong.
ó The available housing inventory is 1.5 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.