It's Not Just Sonoma County.. Things are Turning Up Everywhere!
As I have been saying for the past several months and as I have been hearing the market is in a time of transition. The trends have continuously been changing for the past year or so, but now it seems that the upturn has officially arrived. “They” always say that the market will start to improve once it has hit bottom and I believe we hit bottom not too long ago. The statistics represented in this blog can be found through the link posted at the bottom of the page. (Real Estate Outlook: Improving Markets by Carla Hill from Realty Times)
So here are the facts: A single market is considered to be an improving market when the nearest metro areas “have shown improvement in housing permits, employment and home prices for the last six months straight”. And markets in 35 states have been considered improving markets.
While these statistics have slowly been building over the past six months there has been a lot of improvement over these past several weeks alone. “the April IMI (Improving Markets Index) indicates that at least 101 individual metros are showing measurable and consistent signs that they’re headed in the right direction.” Because the improvement uses metro areas to gauge how well the state is doing not all states have been represented yet, but hey, thirty-five out of fifty isn’t bad.
The fantastic part is that more than ten states have four or more entries as well showing that improvement isn’t concentrated into one area for every state. This month (and we still have some of it left!) thirteen new metro areas were added to this list. Some of the newest entries are Huntington, W.VA; St. George, Utah; Rome, GA; and Greenville, N.C.
What these statistics tell us about the housing market is that the Spring Selling Season has arrived! This is typically a hearty selling season but this time it’s with the added benefit of an improving market. It’s encouraging to know that the numbers and distribution of these markets geographically are continuing to expand and have done so past the 100 mark this past month is a good indication of what kind of selling season to expect this Spring.
In addition to the improving markets numbers rising the stabilizing markets are also on the rise. “After five consecutive months of gains, the IMI recently began to plateau with many markets holding steady and few experiencing the ups and downs that are typical” in recovering markets. How the IMI is designed is to highlight markets that are consistently improving, but if markets are leveling off across the boards as well future readings might be difficult.
I’m so encouraged by this news I can’t wait to see what this Spring season of selling will yield. I hope this was an encourager for you as well and Happy Sales!
You can find this article with all the stats here, just click the link!
Lynn Tardibuono – Flipper Chick- Real Estate Agent and Co-Owner of Sun Pacific Mortgage and Real Estate. Serving Sonoma County since 1988. Her number is (707)523-2099 and you can also visit our redesigned website at http://www.sunpacmortgage.com Also be sure to like us on facebook! Click this link!