Real Estate Update
ó In January, the median price decreased to $284,900 compared to $297,000 in Dec. 15. The median is 10.4% higher than a year ago.
ó The available housing inventory is at 1.9 months. Right now, in most areas, there is a slight shortage of homes available for sale compared to the amount of buyers. A “normal”or “balanced market” has been redefined over the past decade & is now considered about 3 months.
ó It’s a price sensitive market right now. The homes that are priced right, show well and have a high quality marketing plan are getting sold. The overpriced properties are having price reductions to try and get more attention. The market is already having a “Spring Market” feel to it with more buyers than normal this early in the year. This is causing a bit of a sellers market in certain areas due to lower inventory as we are still coming out of the typical winter market.