February 2013 Market Report

I’m excited to report another exciting month for February 2013! With 596 closed single-family, detached and condo/townhouse homes, this was the strongest February since 2007. The best news was that there are almost 1,000 homes that went into pending status, meaning they accepted contracts. These will show as closed in the next 30-60 days, so we are headed for a very strong spring market. The median and the average sales price also increased over 4%, after having decreased over 4% in January. It is very important to note that when we see the median and average sales prices going up and down, it does not mean that your home has lost or gained 4% of value in any given month. This pendulum swing does not indicate appreciation nor depreciation of homes, but instead is based upon the successful sales prices of all homes which are impacted by the number of upper-end homes sold versus affordable homes.

What price points and areas are selling the best?

Compiling a full 24% of total sales, the consistent two sweet spots of $140-$160,000 and $200-$250,000 performed admirably. We are still seeing 78% of all sales below $250,000. One of the most exciting figures I have to report is the upper-end, with 18 closed sales between $500,000 and $1 million, and 3 homes over $1 million. This is exciting news for all homeowners!

What can you tell us about supply and demand?

We are averaging over 1,000 new homes on the market monthly with spring’s imminent arrival. Right now, we have a total of over 4,000 homes available, and absorption rates are still holding strong in most areas in February. There’s also another upswing in multiple offers on competitively priced, affordable homes. If you’re a buyer or a seller, all of this positive market activity substantiates my predictions that 2013 is truly the year of recovery!

Call me today to take advantage of the opportunities in today’s housing market.