Here are the highlights for April 2012:
- 886 total sales transactions, the highest figure since August 2005
- Inventory is at a 10 year low: 4.7 months for single family homes and 5.1 months for condos
- Distressed sales (foreclosures and short sales) are at a 3 year low of 31%
- Average single family home prices are 21.4% higher than they were a year ago
- Average condo home prices are almost 30% higher than last year
- 1,068 pending sales which is a strong indication of future activity
So what does this mean for you as a home buyer, seller or investor?
Selling a home:
With inventory at its lowest level in years and less distressed sales to negatively impact your market value, now is a phenomenal time to put your house or condo on the market. If it is priced right and marketed well, it is unlikely to hang around for long.
Buying a home:
Mortgage rates are at their lowest since the 1950s . You’ll need to have all your ducks in a row when you find the house that you want, as homes are being snapped up quickly at the moment and prices are creeping up. Make sure you ask Murray Realty to help you work smart and negotiate effectively.
Buying to rent is a very attractive option in the current market. There is strong demand for long term rental properties as many tenants are still struggling with credit issues and are unable to get a mortgage.