Nationwide, statewide, and in the Mountain Area, the housing market keeps improving. In September 40 single family residential properties were sold through the Multiple Listing Service (MLS). That was 5% above September, 2012. The good news, for sellers, is that the median price was $217,000, up 19% from $182,500 last September.
The median purchase price for the past six months was $210,000, up 17% from $180,000 last year.
The good news for buyers is that prices are still low, 39% below the 2006 bubble, when the median purchase price was $356,000. And interest rates which were lower than they are now, then started to rise, are now going down again. It's clearly a buyers' market.
Total sales volume for the first nine months of the year were $97.7 million, up 19% percent from the same period in 2012.
There are two troubling issues in the current market status:
1. Inventory is low, but as prices increase and as owners pay down their mortgages, more homes will move into the positive equity, and with new home construction on the rise, I expect the inventory to improve soon.
2. As of September 30, we had only 53 pending sales (in escrow), compared to 77 just two months ago at the end of July.
Ed Bailey, broker/manager, EdBaileyRealty.com, (559) 676-2424.