The current real time market profile shows there were approximately 10,622 new listings on the market in March 2015 and 7,892 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transaction but the number of total listing has consistently decreased since April 2014.
Since April 2014 (12 months ago), the average sold price has increased approximately +1.9% (up from last month), the average days on market have increased approximately +10.8% (up from last month) and the number of transaction has increased approximately +3.0% (up from last month). Since the month of April 2014 the average sold price has teeter tottered up and down with no upward trend. This is good news since the market has not formed a downward trend. We will not see an indication of a market reversal until there have been two to three consecutive months of upward or downward pressure on the average sold price, DOM and number of transactions. The current average sold price is approximately $257,000 which is up slightly from last month.
The volume of foreclosure purchases since April 2014 (12 months ago) has decreased approximately -31.9% and the volume of short sales have decreased approximately -26.3%. Since April 2014 the volume of foreclosure purchases went up and now the trend is back down once again. Since August 2013 the volume of short sale purchases have consistently decreased because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity.
Since April 2014 (12 months ago), the number of homes for sale on the market have decreased approximately -12.8% or 29,308 homes for sale on the market to a gradually decrease of 25,570 homes. This decrease in the number of homes for sale could be a sign the market is beginning to shift once again back to a seller’s market (low supply and increased demand).
Real estate prices are still relatively low (near 2008 prices), mortgage rates are still at a historical low and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best investment strategy, TODAY!!