Below are the monthly sales stats for April. With the exception of a few bank-owned properties in very poor condition, the average $/sqft seems to be holding steady and even increasing in some areas. This is inline with the latest National data which shows that the median sales price increased in the last 12 months in over half of the metro areas that are tracked:
The year-over-year inventory was down 21.8%; and as we’ve discussed efore, sales prices typically begin to rise a few months after the inventory drops. Referring to the drop in inventory, economist Lawrence Yun said in the article: “We now have broad shortages of lower-priced homes in much of the country, with very tight supply in Western states for homes through the middle price ranges. This is good news for many sellers who wish to list now, or for those waiting for prices to improve.” We haven’t gotten there yet, but this is another step towards the environment shifting to more of a seller’s market. We’re even starting to see multiple offers on regular resales (non-bank-owned properties).
We always get a lot of questions on the differences between regular resales, short sales, and REO’s (bank-owned properties); so I recently wrote two articles detailing the differences. If you’re interested, you can read them here:
Finally, here’s a link to this weekend’s “What’s Up at 7000ft”. Don’t forget the Big Bear Climb leg of the Amgen Tour of CA is this Friday, May 18th. This is going to be one of the biggest cycling events of the year with International coverage!
Have a wonderful weekend and “Happy Mother’s Day!” to all of our beautiful moms out there!!