A 6-7% growth in the real estate market shouldn’t be a stretch, taking into account that our average residential price* is only at $364,803 (for the period ending Dec 31st 2011) and with the lower interest rates and the spring market upon us, we should most likely see a $389,000 to $390,000 average residential selling price by May/June 2012.
The surprising thing is that the Buyers are taking their time.
Which doesn’t add up when:
- The inventory is lower than it has been since 2009 (the lowest point in the past 5 years)
- The overall all-residential average price for real estate sales right now is about $40,000 lower than the peak of 2007
- Interest rates are incredibly low at 2.99% for a 5 yr Closed Mortgage
- All indicators are for a surge in the Oil and Gas Sector
- Net Migration is sure to occur
As a real estate investor myself, we are buying properties; it’s a good time to buy!
CENTURY 21 Reward Realty
* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.