There’s a lot of information available about the housing market. Depending on what you read, it could sound like things are getting worse and worse. Then again, there’s some very positive news out there too. As usual, the truth lies somewhere in between.
What you really need is someone to help you interpret the data and find out what is relevant to you. That’s where I come in. I hope this helps give you a better idea about the current market. And, if you want specifics about a certain area or your home, simply contact me and I can provide you with the latest and most accurate data.
FACT: According to the Case-Schiller Home Price Index, home prices increased 2.2% in May over April for the top 20 cities tracked.
FACT: According to the Case-Schiller Home Price Index, Atlanta is the only city that posted double digit negative annual return at -14.5%. However, this was improvement from the April negative annual return of -17.0% or a an approximate 2.5% improvement in May from April.
FACT: According to the Case-Schiller Home Price Index, As of May, the average home prices across the United States are back to the levels where they were in spring 2003 for the 20-City composite.
Ok, if you just read this information, you’d probably not want to read any more. While these are factually correct, they really don’t give the whole picture. My company, Keller Williams, spends a lot of money getting us the real data. We know the facts, what they mean and how it affects buyers and sellers. Take a look.
FACT: 2nd quarter 2012 saw the first quarterly, year over year price increase since 2003.
FACT: Average Days on Market was 80 for the 2nd quarter, down from 105 in 1st quarter 2012 and down from 110 in 2nd quarter 2011.
FACT: Median sales to list price was 91% in 2nd quarter 2012, up from 87.4% in 1st quarter 2012 and up from 85.8% in 2nd quarter 2011.
FACT: At the end of June 2012, there was 4 months of inventory (supply) available. This is down from 7 months supply in January 2012 and 14 months supply in January 2011.
FACT: We are entering a seller’s market in some geographic areas and price points. This does NOT mean that prices are increasing but that demand is allowing correctly priced, marketed and staged homes to sell quickly and for 91% of asking price.
There is much more data than I can cover. For example, I did not discuss distressed properties, the effect of price adjustments, geographic impact and price ranges.
As you can see, the truth lies somewhere in between. However, one thing is indisputable, a well priced and condition home properly marketed will sell. Contact me to get an updated market analysis on your home or to get the latest listings.