After a somewhat weaker March this year, residential home sales picked up in April and May coming in almost “flat” compared to last year’s sales. Visit my “Market reports” section for more stats. Let’s take a look at some highlights:
There were about 199 residential houses sold in May 2014 which is about 2% higher compared to the 196 for May 2013.
The total number of sales still remain down about 4% with 843 residential houses sold January through May in 2014 compared to the same period in 2013.
Most news has been speaking to values recovering and that is very true. Sellers like this news, but buyers aren’t typically so happy. We’ve actually seen values recovering for some time in the area. We’ve seen a nice gain in median sales price so far this year coming in at about $151, 824 which is up about 12% compared to the $135,000 the same period last year.
The biggest question here for buyers is often “Should I wait?” And my answer is “No!” Not because I want to be the “cheerleader” for more sales, but because the data is showing that this trend is not going to stop. Inventory remains lower, demand continues to grow, and that only means that prices are going to continue to grow. Waiting just doesn’t make sense if you are thinking that prices are going to drop.
Cash took a step backwards this year. For the past few years sales with cash have been between 55% to almost 60%, but this year cash sales are coming in around 49%. Mortgages are still very attractive with interest rates continuing to hover around 4.5% for a 30-year fixed loan.
What questions do you have about the local market?
Disclaimer: Information based upon the Flagler County Association of Realtors MLS as of 6/15/2014 for Residential Houses. Information may be deemed reliable, but is not guaranteed