Market update at glance April 2012

Another month and a third of the way through 2012. The market is moving faster than what I expected, I truly believed that it would take till late summer to have the improvement in numbers that we are seeing.  All the numbers are stand outs, so I will comment first on price movement. When you look at the  both the average and median selling price it appears the market is really making a movement and it has, yet not quite as big as it appears on the surface the “REAL APPRECIATION” YEAR OVER YEAR BASED BOTH ON PRICE AND SIZE IS A GOOD SOLID 2%. Reviewing the numbers below you can see the market has turned in all categories. This does not mean all the sudden that sellers have the upper hand in negotiations, but it does mean we have left the “buyers” market where the buyer had the upper hand in negotiations. We are now in a balanced situation where both parties need to be reasonable to successfully complete a transaction.  I have included graphs below for a bit of historical perspective on where we are today. Big improvement over 2011 and close to matching the “tax credit fueled market of 2010” yet we are still 20% below the 2008 figures in terms of sales so things are positive, yet we still have a ways to go to reach our previous levels of activity. Interest rates are still at their historical lows so it is a great time to make a move in the market. The  rental market continues move to a strong landlords market so rents will be moving in a direction to increase returns on income producing properties.

As always if you need more information about the market or buying and selling please call or e-mail.