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As a trusted real estate advisor, everywhere I go I am asked about the current state of our market – and it’s a question I love answering, particularly these days! Right now, we are enjoying a huge surge of sales, fantastic interest rates, low inventory and enough buyer interest out there to keep things interesting. Here are some details:
Active Listings
Right now we are reporting a total of 574 active residential listings on the MLS with only 60 of them being distressed sales (either bank-owned properties, HUD homes, short sales, etc.).
Listings Under Contract
Currently there are 177 homes under contract with just 52 of them being distressed sales. Representing about 30% of the entire homes under contract, distressed sales are slowly being flushed out of the system and we can expect a more normal, stable market soon. Time will tell how the election impacts our housing industry over the next couple months but usually it has been a positive influence.
Sold Properties
In the first six months of 2012 we saw 424 home sales go through with an average sale price of about $260,000. The big news however, is in the sales numbers in the couple months since then. From the first of June this year until now, we have reported a total of 261 sales – a HUGE surge is sales that almost blows away the first six months’ numbers. The average sales price did go down a bit to $239,000 but this is a good sign because lower priced properties are moving as well, which is good for our marketplace overall.
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In summary, regardless of what the media might have you believe the truth is that our market is doing quite well. We are enjoying a strong number of sales, our inventory continues to dwindle down making demand rise and sales more competitive. Interest rates also remain historically low, which are driving buyers out there to lock in the amazing rates available right now. All this makes it a great time to buy and a great time to sell too
In summary, regardless of what the media might have you believe the truth is that our market is doing quite well. We are enjoying a strong number of sales, our inventory continues to dwindle down making demand rise and sales more competitive. Interest rates also remain historically low, which are driving buyers out there to lock in the amazing rates available right now. All this makes it a great time to buy and a great time to sell too
For more information on our market, more details or how your particular neighborhood is doing in our marketplace – contact me directly at 928 214 7100 or via email at valerie@flagstaffhouses.com.
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