There is good news for buyers looking to make a move. As the residential real estate market has evolved this year we have progressed from desperately low inventory levels (number of properties for sale) to a more balanced market.
For the fourth consecutive month, listings numbers were greater than the same month in 2013. At the same time, closed sales were down 2.2% compared to last year. More listings and fewer sales will build inventory and further inventory gains are likely to continue. In fact, most indicators suggest a transition from rapid recovery toward stability and normalization. A “normal” market is something we have not experienced in over a decade!
The trend toward more traditional listings and less distressed homes for sale continues. In June new listings increased 8.9% compared to June 2013. Traditional new listings rose 19.4%, while new short sale listings decreased 40.1% and new foreclosure listings fell 39.5%. That’s quite a shift.
It is still a very good time for home sellers; this shift has helped drive the median sale price up to $219,900 in June 2014 which is a 4.5% increase over June of 2013. At the same time, the low mortgage interest rates, improved economy and increased inventory makes buying a home easier than in the recent past. We expect the trends above to continue through the summer and into the fall months.
Thanks for reading and stay tuned.
*All statistics are derived from the Regional Multiple Listing Service (RMLS)