Here we are and it’s already nearing the end of 2013 and wow has it been a whirlwind of a year! So much activity, so much to talk about and an almost unprecedented amount of volume for both sellers and buyers! Either way you look at it, it’s been a great year.
Well as we turn to look ahead at the New Year there are some important changes that are taking place in our marketplace. As expected, with the holidays around the corner activity tends to slow down a bit. Buyers (and sellers) focus on family, friends and other things – leaving property, real estate and investment for another time.
Inventory Levels Make a Dramatic Shift
But as we take a look at the trends of recent months and years past, you will see that it is still quite a strong time in our marketplace – despite the time of year. Inventory levels have jumped significantly from July till the end of November, going from a slim 2 month supply of homes to a much more balanced 5.22 months’ supply of homes on the market.
Buyer Demand Has Calmed Down
After many months of almost a buyers’ frenzy with sellers enjoying being in full control, buyers are finally stepping back to take a collective breather. Whether it is a result of the holiday season or that interest rates have started to creep up (ever so slowly), the all too familiar scenarios of multiple offers, price wars and high list-to-sale ratios are coming to an end – at least for now. We are seeing investors pulling back, buyers taking a break and more realistic seller expectations.
Sales Activity Slows Down in 4th Quarter
Looking at past months and years, we can safely say that close to 5,000 or more home sales are expected to take place in the month of December this year. Fast-forward to January next year and that number is projected to be 6,500. This means that as a seller the sooner you list your home the better off you will be. There will definitely be less competition to contend with in the marketplace.
If you are considering selling your home and would like to learn the current market value of your home – I invite you to tour our website today at www.thepenroseteam.com or call 480.596.2900. We look forward to serving you!
No comments :
Post a Comment