National housing numbers
for the top 50 metros in the country just came out yesterday. Here’s how they
stack up to our local markets.
*National stats are in RED and local are in BLACK.
Nationally, May sales were up 11.5% over April
(2014) but down 9.9% from May 2013.
Locally, sold (closed escrow) properties were
down 4.7% from April and pended properties down 7.7%. Compared to May 2013
solds were virtually unchanged (751 to 756 properties) but pended sales were
down 8.5% (915 May 2013 to 842 May 2014).
Nationally May prices were up 7.7%
from one year ago.
Locally prices are up 4.7% from
last year. But again prices have been moving up and down throughout the last 12
months. May prices were only 3.5% above the average of the last 12 months (Our
local appreciation has tapered off).
Nationally months’ supply of
inventory (MSI) is at 3.8 months.
Locally we are at 3.2 months but
this represents a 50% increase from last year’s 2.2 months. We have more
properties coming on the market and sales are tapering.
An even stronger message to get to
your sellers is that listing inventory is up 48% (1,630 properties May 2013 to
2,416 May 2014). Although these figures are from the Fresno MLS, our markets
from Hanford to Oakhurst and Merced are relatively the same.
|
Locally
|
May 2013
|
May 2014
|
|
For Sale
|
1630
|
2416 (up 48%)
|
|
New Listings
|
1114
|
1151 (up 3.3%)
|
|
Sold
|
751
|
756
|
|
Pended
|
915
|
842 (down 8.6%)
|
|
Avg. Sales Price
|
$212,000
|
$222,000 (up 4.7)
|
|
Days on Market
|
51
|
55 (up 7.8%)
|
If your perspective sellers are on
the fence but wanting to make a move in the next few years, our market trends
indicate that now could be the perfect time. Prices are up, but
appreciation has drastically slowed. Inventory is up which is putting downward pressure
on prices and sales are slowing. And don’t forget, for buyers interest
rates are still at historic lows making this a good time to buy.
Although a little detailed and
technical the article below contains great information to share with your sellers
and others on some pending threats to the housing market.
Good Luck!
No comments:
Post a Comment