Real Estate Update
ó In April 2014, the median price increased from $262,450 to $267,000. The median is 20.3% 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 1.4 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 quickly. However, the properties that are over priced are beginning to sit with little activity until the list price is in line with the true market value.
ó High Demand and Low Supply/Inventory had 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.