The last several years it has been a strong seller’s market in our area meaning there was 6+ months of inventory in most price ranges. The tides seem to be changing with the latest data we have received. Here are some updated figures showing how things are looking today.
– Year over year from Jan 2011 to Jan 2012 closed sales are up 33%
– Within the same time frame showings are up 50%
– In Jan 2011 there was an oversupply of homes in 83% of the market. In Jan 2012 that number was 58% and in Jan of 2013 there is an oversupply in only 20% of the market.
What does that mean? For the buyer it means less inventory on the market. With interest rates creeping up that also means it’s time to get off the fence. If you’re looking for the bottom you’ve found it and are about to miss it. Thinking of buying? Give me a call and we can chat about your plans for a move.
For sellers it means that there is less competition and that prices are stabilizing. The winter months did not seem to slow down this year and we are anticipating a HUGE spring market. Thinking of selling? Now is the time to jump into the market. Don’t miss this opportunity. Call me today!