January 2013 RSS Feed

Home sales in December were a percent lower than November, but still 13% higher than last December. Home sales were up 9% during 2012, the highest annual sales volume since 2007.

Prices increased 4.4% as the inventory of homes for sale continues to lag behind the increase in sales volume. New listings were 5.2% lower than last year while closed sales were up 19.1%. Total market time (average days on market) fell 21.5%.

Economics 101 at work, low supply and high demand equals higher prices. This trend is forecasted to continue in the short term until the supply increases to satisfy demand.

The National Association of Realtors has identified several reasons why the inventory remains low:

1. Many homeowners are underwater. According to CoreLogic,…

Rick Bean has been named a 2013 Five Star Real Estate Agent. He received the same award in 2012. This award recognizes a level of excellence achieved by fewer than 7 percent of the real estate agents in the local market.

The Five Star Professional award program is the largest and most widely published award program in North America. Award candidates are measured using an objective, in-depth research methodology that focuses on customer satisfaction and a thorough regulatory review.