How's the Market???

• The median price of a single family home in January was $489,000, an all-time record.

• We have 5,117 single family homes for sale not including new construction.

• 25% of all sales are cash transactions.

• 1.1% of all sales were distressed (foreclosures or short sales)

WHAT IT MEANS FOR SELLERS

The fact that we have low inventory helps sellers, BUT, buyers are getting pickier and most of them want a move-in ready home and not a fixer. If the house “needs work” it will sit on the market and the discount will be 5X of what it would have cost to make necessary repairs and freshen it up.

WHAT IT MEANS FOR BUYERS

Yes, it is a Sellers market, but the playing field is slowly evening out. This spells out OPPORTUNITY to negotiate on price and credits for closing costs.

If a buyer can see past a messy house, there is a big chance of getting a massive discount.

Lots of buyers are waiting for interest rates to come down to the good old days of 3%. Sadly, most of them will miss the boat and never see that rate again.

WHAT IT MEANS FOR OUR LOCAL MARKET

We have an extremely resilient housing market considering that we’ve had several factors holding it down including high prices, high interest rates and an election year last year.

We still have a lot of demand, especially from out of state buyers who are moving here for different reasons.