DMAR Real Estate Market Trends Report | JUL. '14
The availability of active listings remains limited, showing a decrease by 5.15 percent compared to last year.
“Year-over-year, buyers looking to purchase single-family homes in the $200,000 or lower price range are feeling somewhat squeezed out of the market, as nearly 53 percent fewer properties were sold in June, compared to this same period in 2013,” states Anthony Rael, DMAR Market Trends Committee Chairman. “This trend has everything to do with the continued lack of supply, as buyer demand remains very strong, and 30-year mortgage interest rates continue to hover below 5 percent.”
The Condo Market continues to be hot, and is on a record setting pace.
“For condo buyers looking to purchase properties above $100,000, year-over-year sales proved that well-qualified buyers could absorb the abundance of listings, and were positioned to take advantage of firsthand opportunities. In particular, condo prices $500,000 to $699,999 spiked by an astonishing 166% when compared to the same period in 2013. During this same period, the median sales price for condos decreased $1,000 to $182,000, which is still up nearly $20,000 from the same time period a year ago,” states Anthony Rael.
“Sellers wanting to capitalize on the remaining hot summer selling season, should find a trusted REALTOR® to work with that prices your property correctly for current market conditions,” adds Rael. “Accurate pricing helps to avoid the pitfalls of delaying or losing a transaction completely, if the appraisal comes in a little light because the contract price cannot be justified.”