Click below to access the current report and chart.
WOW! LOOK AT THAT DROP IN DAYS ON MARKET!
Inventory continues to shrink and the result is that homes are selling much more quickly than they have for quite some time. This should result in a reversal of the downward price trend. We should see appreciation soon. Homes that sell quickly usually get asking or very close to it. In the last month I have listed and sold very quickly 1982 S Sherman, 762 S Washington, 1011 E. Exposition and 1455 S. Emerson. All had multiple offers. We haven’t seen that in awhile.
The high end remains challenged. There are currently 11 homes listed for over $1,000,000 and only one sold this month. Even this market is better, however, as we now have less than a year’s supply of inventory in that range and a couple of years ago we had over a three year supply. We are seeing improvement but have not shifted over to a seller’s market in that range yet. In the $300,000-$400,000 range there are 12 homes under contract and there are only 27 in inventory. That is less than a two month supply. That is a seller’s market.
If you have a lower end home that you have been putting off selling, now would be the time. As always, feel free to call me about how this market impacts your own unique situation.
