By Diana Ivas
What a difference a year makes! The market has taken a dramatic turn in the past year. The activity for the recent months has created interesting trends that may continue for some time. We have seen promising signs for homeowners in almost all measurable categories. One of the more telling figures is that closed home sales are up by over 13% for both December and January. That may be a precursor of things to come!
There are many factors involved in the activity for this market including lower mortgage interest rates, general economic strength and reasonably good home values for today’s buyers. One of the most overlooked motivators is the weather. Relatively mild temperatures have combined with low snow totals which have enabled buyers continue their hunting throughout most of this winter season. If this weather continues, you can expect even more increased action in the months to come.
Here is a quick look at the numbers:
Homes for sale
Down by over 5%. That’s a heck of a way to start a year.
Under contract
Up by over 20%. Large jumps partially created by nice weather.
Sold last month
Up by over 13%. That’s a big deal for this time of year.
Sold in last 12 months
Up by over 1.5%. Sounds small but that is the first gain in sales for a long time!
Average Sold Price
Up by a little over 1%. This number may increase if inventory remains low and buyer confidence continues.