As we've been seeing, the market is continuing its trend of moving away from being a Buyers Market and is moving in the favor of a Sellers Market. When we compare the first 5 months of 2014 to the first 5 months of 2013 we see that the amount of new listings is remaining relatively the same, 4679 new listings in the first 5 months of 2013 compared to 4704 in 2014 for a negligable increase of 0.53%, whereas sales are up an astounding 20.36% - 2010 versus 1670. Below is a breakdown on the sales of property types:
Single Family: New Listings; 2013 - 2063 units, 2014 - 2054 units for a decrease of 0.44%
Sales; 2013 - 852 units, 2014 - 960 units for an increase of 12.68%
Average Price; 2013 - $452,615, 2014 - $500,919 for an increase of 9.36%
Condos: New Listings; 2013 - 865 units, 2014 - 803 units for a decrease of 7.17%
Sales; 2013 - 267 units, 2014 - 359 units for a whopping increase of 34.46%
Average Price; 2013 - $229,681, 2014 - $241,983 which is an increase of 5.36%
Townhomes: New Listings; 2013 - 529 units, 2014 - 593 units an increase of 12.10%
Sales; 2013 - 237 units, 2014 - 305 units, a fantastic increase of 28.69%
Average Price; 2013 - $347,541, 2014 - $360,202 an increase of 3.64%
So as you can see, average price of all homes are on the increase, new listings are remaining relatively the same as 2013 but sales are way up. So what does this mean? It means that if you were ever thinking of selling your current home there is no better time than the present! The Buyers are out there and with less inventory available it means that selling now could result in more money for your property, faster sales and perhaps even multiple offers!
If you want to know how much you can expect for your home in todays market, give me a call for your free no obligation Market Analysis today and let's see how we can get your home SOLD!