- Units sold are down from 92 in 2013 to 76 in 2014 = <17% decrease>
- Average price sold valley wide increased from $233,388 in 2013 to $255,451 in 2014 = 9.45% increase.
- Average price per foot sold went from $152 to $181 = 19% increase in sold price per foot.
- Days on the market were down from 107 in 2013 to 95 in 2014 = <11% decrease>
- Inventory levels are currently around 535 active residential units, vs approximately 425 a year ago.
- YTD numbers parallel the monthly stats. (see below)
Many buyers and sellers ask how the market is doing. Based upon my observations we are seeing a value struggle between buyers and sellers.
Sellers that have been waiting for prices to rise for the past 8 years are using active listings as comps for their homes. This type of valuation isn’t supported by the closed sales. Much of our increased inventory is being fueled by new listings from these sellers. They are seeing homes listed in their neighborhoods that have list prices that give them a confidence that they can reach in their price. This will lead to longer days on the market, multiple price reductions, and lower prices for sellers long term. Sellers should use recent closed sales as the primary source of data for pricing their home, since this is the valuation that will be supported during the appraisal process.
Buyers and Investors are finding dated, distressed, and fixer properties being listed at prices that don’t allow buyers to complete the needed improvements without being upside down. Turn key properties that have the improvements already completed are testing the top of the market only to find that the majority of buyers still want a deal.