January 2014 market update

A total of 1,209 homes were sold (closed) last month – – a 7.2% decrease from a year ago. My office is up from last year 30% but overall I think we are feeling the effects of the winter “vortex” and all the snow and ice has kept buyers at home and sellers from putting up a For Sale sign.  Who really wants to slip and slide all over the place?!?!

That being said, now if the time to dust off your snow shoes, bundle up, and start house shopping! Great homes are coming available every day- like this one, and this one and this one (shameless plug alert). Plus dozens more each day, the sooner you start your search, the sooner you will be moving in to your perfect home.  The real problem in the market has been a lack of good inventory.  And I think this spring market is going to be HOT and QUICK. Meaning a new listing, in good condition and priced well is going to sell in a matter of days.  I’ve already been seeing that scenario all over town in the last week or so.

As a seller, now is a great time to sell! The January average home selling price maintained its upward movement to $150,908 vs. $138,592 a year earlier, an 8.9% increase. The average price has increased year-over-year for 23 consecutive months. Mortgage rates are starting to slowly climb, giving buyers at least some sense of urgency. And our regional Open House Weekend will be March 22-23. So mark your calendar!

 

For all you stat people, here you go:

January Home Sales

                                       Closings               Gross Volume               Average Price

January 2014             1,209                         $182,447,681               $150,908

January 2013             1,303                        $180,585,690               $138,592

Variance                       – 7.21%                          + 1.03%                    + 8.89%

30-Year Fixed Rate Mortgage (local)

January 2013 (average) 3.60%

January 2014 (average) 4.25%

Most recent (Feb. 20, 2014) 4.31%

A year ago (February 20, 2013) 3.65%

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