NAR Housing Report March 2013

I don’t know about you but just reading through the report made my head spin.  One place says that the median price for a home is $173,600 in February another sections says “The median price of an existing single-family home averaged $176,500 over the last six months, down from $180,000 in the previous six months”. And the final paragraph said “The median price in the West rose to $237,700, 22.7 percent above February 2012, but off 0.4 percent from January.

   So what is the take away from the report?

I think what the report is showing us is that there is still strong interest and activity in the housing market nationally and in individual areas. Median prices in February reflect some of the slowest times historically in Real Estate and not much is news there.

One of the bigger issues is the lack of inventory, where sellers are reluctant to list their homes as the market continues to vacillate. When you take into consideration that many of us have seen the equity in our homes dry up over the past 6 – 7 years, it is no wonder that sellers are reluctant.

Here in the west we are seeing recovery in the values in some segments, while others are continuing to decline. The truth is that while these facts remain, the shortage of homes on the market will bring more buyers to your home and an opportunity to sell at a positioned advantage.

Picture this – a few months ago an open house was lucky to generate 5 viewers, while recently we are seeing 20 – 35 people coming to see what is available. These same viewers are visiting multiple homes because there are so few to see that meet their needs. And we are seeing these buyers actually move into a closed sale.

 

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Comments

    • Steffany
    • October 8, 2015

    Speaking of home sales, check out the comment by “dansocalguy” in ailtcre on Seeking Alpha.”As a realtor in Phoenix I’m seeing buyer’s getting frustrated with multiple offer bids, appraisal issues, and limited inventory. More and more our brokerage is leaning toward stewarding buyer’s towards new builds ….. and I have been actively researching this first hand as I’m also in the market for a new home … builders here are once again raising prices every 3-5 homes sold. A builder in Gilbert, Az is building in a very desirable area near a new Morman Cathedral and before they (Meritage) could even establish a sales office (let alone build the model homes) they’ve sold over 40 homes in phase 1. This project is not an exception … all over the valley builders are ramping up. Phoenix has tended to be a leading indicator for other markets so I think we’ll start to see this spread.”

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