The 2014 season was a very busy one in the Valley. Their were sold out events, packed sidelines at polo, packed golf courses, sold out concerts, art openings etc. The real estate market was also brisk. There are still many people coming in town to seek out their next home even as the temperatures go up!
Here is this winters market at a glance:
We are slowly recovering! Here are some signs:
Declining foreclosures
Low inventory
Low mortgage rates
Increased building.
Vacant Land is seeing dirt being moved in preparation for building
I expect we will stay in this stage for the next few years. When the above signs start turning, we will probably be at or nearing the next peak in the market. The experts are predicting the next peak in the market will happen around 2020.
One thing to keep firmly in mind, real estate is very local so what is said about the national real estate market may or may not correlate with what will happen in our local market.
The median price for single-family, re-sale home was up 31.3% year-over-year. That is the twenty-fourth month in a row the median price has been higher than the year before.
Sales of single-family, re-sale homes fell 33.3% last month compared to March 2013. That’s six months in a row home sales have been lower than the year before. Especially in the $500,000-$1,000,000 price range.
Attached homes and condo sales were off 29.7% year-over-year.
The median price for attached homes and condos was up 12.5% from February, and it was up 35% year-over-year.
Since January 2013, the 3-month moving average median price is up 28.2% for attached homes. It is up 59.4% from the bottom of the market which was in October 2011.
To find out what your home is worth or to start your search for your next investment, home or ranch, please give me a call.
Jessica Bailey
Top Producer -Executive and 100% Clubs year after year
jessiebaileyus@yahoo.com
213-926-6471