Its early days in 2014 and I'm sure you are wondering where the market is heading? As we finished out 2013 we saw inventory growing and pending sales slowing. The return of a more balanced market.
Before the holidays we watched the total listings in the Valley dwindle from 27,000 or so down to 26,000. This is considered normal as pending sales start to close and new listings are held back due to the holidays. Here at The Spalding Team we've had a considerable increase in the number of listing presentations we've been asked to prepare and a drop off of buyers looking to purchase a home. With this knowledge to hand we felt fairly sure the inventory would continue to grow and days on market would continue to extend as demand continued to be outweighed by supply.
Enter 2014. As I write this commentary the multiple listing service is showing 26,942 homes once again for total inventory. By now we fully expected a significant increase to this number as all the holiday hold backs were placed up for sale. Also buyer interest has once again become very active.
In a nutshell its still too early to be sure, but it looks to me like we could have another healthy year in the market. With rates at a still historically low percentage and prices still considerably lower than they were at the last market peak.
Buyers appear to be coming back and it will be interesting to see how much this impacts overall inventory and prices!
As always feel free to reach out to Chris or Michelle with any real estate related questions you may have!
Happy New Year!!
Chris & Michelle Spalding (The Spalding Team)