Year-to-date through May 31st, we are up in closed units by 19%, and the number of units going pending is up 25%. Our values are holding steady vs. the same period last year, with an average sales price of $144,147.
For May, the number of available properties that were considered "Distressed" (short sales, pre-foreclosure, bank-owned) is holding steady at 12% of all available properties, but the % of closed sales that were distressed properties is down to 27% - down from last year that was fairly steady at 33-38%.
What does all this mean?
- There are fewer homes on the market for buyers to choose from.
- Older inventory is clearing the market.
- The bloom has fallen off the rose for many buyers with respect to distressed properties...
- ...about 73% of all sales are traditional sellers, not distressed at all.
Rates have dropped again lately! Local 30-yr conventional rates are down to 3.625...unbelievable! Refer back to my previous post demonstrating how every 1% in interest rate drop give you an extra 11% in buying power. That mean, if you thought 4.625% was good last year, for the same payment you can now get even more house!
It's a great time to buy!
If you know of someone who would like to buy or sell a home, please contact me today! 208.201.2034
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