It was this time last year when the market quickly flipped from a buyer’s market to a seller’s market. Inventory went from 7 months in January 2012 to 4.2 months by May and in the close in markets the change was even more dramatic. At the end of 2011 buyers were still able to get great pricing and a long list of repairs completed and just a few months later in early 2012 the question wasn’t about the discount but how much OVER asking price you needed to pay to win multiple offer situations. The answer to that questions was 5-10% over asking and many times even that would miss out due to cash offers. Surprise surprise, almost one in three offers in the last year has been all cash.
Since May 2012 the inventory has hovered around the 4 month mark and with inventory low and multiple offers prevalent pricing was bound to go up.
Feb 2012: Median Price $211,000
Feb 2013: Median Price $242,000
Feb 2012: Average Price $255,000
Feb 2013: Average Price $282,000
With inventories staying at the same levels expect pricing to rise at the same rate. This is a great reason to consider buying now and taking advantage of low interest rates and an appreciating market.
If you’re thinking of buying or selling give us a call: 503.901.8100