The current real time market profile shows there were approximately 10,513 new listings (up 155 listings from last month) on the market in May 2017 and 9,859 sold transactions (up 494 listings from last month). The overall inventory of homes on the market in May 2017 is 21,230 homes (down 576 listing from last month) which is down -26.2% as compared to the number of home on the marker in May 2014. In May 2015 there were 24,410 homes, in May 2014 there were 28,776 homes and in April 2013 there were 19,462 homes for sale on the market. Due to the large spike in the number of sold transactions and the decline in average days on market this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.
Since November 2016 after our new president took office the average sales price has increased from approximately $281,000 to $300,000 or an appreciation rate of 6.8% and the number of sold transactions has increased from approximately 6,898 to 9,859 transaction or an increase of 42.9%. From April to May the average sold price has increased approximately 2.8%. The number of sold transactions usually starts to decrease in July due to summer vacations but we will have to see next month if buyer demand will continue to follow the usual trend. Since June 2016 (12 months ago), the average sold price has increased +6.3% (up from last month), the average days on market has decreased approximately -5.4% (down from last month) and the number of sold transactions has decreased approximately +9.8% (up from last month).
The volume of foreclosure purchases since June 2016 (12 months ago) has decreased approximately -29.4% and the volume of short sales decreased of approximately -19.5%. The current percentage of foreclosure sales and short sales sold is only 2% of the market which indicates a healthy market. Unfortunately, there are still some homeowners who bought between 2005 and 2007 that are still up-side-down as shown in the yearly average sold price chart above.
Since June 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -8.9% or 23,298 homes for sale on the market to a gradual decrease of 21,230 homes (Down 576 homes from last month). The total number of listings is low as compared to 29,308 listings in August 2014. This decrease in the number of homes for sale indicates we are currently in a seller’s market (low supply and increased demand).
Real estate prices are still relatively low (near 2008 prices), interest rates are planned to increase in 2017 and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best buying or selling strategy, TODAY!!