The current real time market profile shows there were approximately 6,131 new listings (down from last month) on the market in December 2015 and 6,737 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transactions but in December the number of sold transactions exceeded the number of new listings coming on the market. The number of total listing is still low as compared to 29,308 listings in April 2014 and this shift may be the direct results of the holidays.
Since January 2015 (12 months ago), the average sold price has increased approximately +5.5% (up from last month), the average days on market have decreased approximately -17.9% (up from last month) and the number of sold transactions have increased approximately +41.4% (up from last month). Since the month of May 2014 the average sold price has teeter tottered up and down with no upward trend but in April 2015 the average sold price jumped higher than the last 12 months. The summer buying season was strong where we saw prices decrease from July to September but during the holiday season prices are starting increase. The current average sold price is approximately $269,000 which is up +5.5% since January 2015.
The volume of foreclosure purchases since January 2015 (12 months ago) has decreased approximately -30.8% but the volume of short sales saw a slight increase of approximately +7.2%. Since November 2014 the volume of foreclosure purchases went up and now the trend is back down once again. Also, 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 but some homeowners are still up-side-down depending if they purchased their homes between 2005 and 2007. The slight increase in short sales in December could be due to banks wanting to get these assets off their books before the beginning of the new year.
Since January 2015 (12 months ago), the number of homes for sale on the market have decreased approximately -9.3% or 25,745 homes for sale on the market to a gradually decrease of 23,353 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!!