September 2014 has seen record home sales that are the highest since 2008
The Year-to-Date Sales total for 2014 has been best since the marked peak in 2006-2007.
Inventory levels are low, only 1130 homes are actively listed for sale. Historically, this has hovered between 1,200 and 1,300 over the past 5+ years.
Overall Absorption Rate is only 9 months so it's still a buyer’s market, but past three years moving toward balance (6-7 Months)
The Median Price of homes sold in the first 3 quarters of 2014 is $151,525. This represents an increase of 2.3% over 2013 and an increase of 8% over 2012
The 4th quarter of 2013 Sales were up 14% over 2012, the highest since 2010, and the Median Prices of homes sold was up 6.8% over 2012. If there were to be an equivalent 4th quarter in 2014 than this could be an amazing year.
While this report is not a Comprehensive Annual Market Analysis and does not evaluate the strengths and weakness of specific segments of the Market, all these signs are extremely positive.
So how is the market? I would say it is great, and it is getting better every day!
Have questions? Email me at firstname.lastname@example.org or download our free in-depth home buyers guide!