Real Estate Update
ó In May 2015, the median price increased slightly from $281,000 to $290,000. The median is 5.5% higher than one year ago.
ó The available housing inventory is at 1.8 months. I expect that number to increase a bit as we approach the summer selling season. A “normal”or “balanced market” has been redefined over the past decade & is now considered about 3 months.
ó The homes that are priced right, show well and have a high quality marketing plan are getting sold fast. The spring market finished strong by favoring sellers with multiple offers on many properties. However, it’s a price sensitive sellers market right now. The overpriced properties are having price reductions to try and get more attention. This market is similar to the hot sellers market we saw in the first half of 2013. That year, an unexpected jump in interest rates caused things to cool down.