We are only a few weeks into this New Year and it is already clear that the Housing Market is primed and ready for continued growth in 2014.
The National Housing Trend Report released by realtor.com® this month shows that the median list price for December 2013 was 8.1 percent higher than it was in December 2012 and the median age of inventory was down by over 5%. The experts at CoreLogic Case-Shiller expect more than a 5% increase in values this year at the national level.
Here in our local Atlanta metropolitan area, demand is strong and inventory is low. The pressure on inventory is continuing to send listing and sales prices higher. Inventory levels ended the year down 13% from the prior year-end and the median age of inventory is down 20% from just a year ago. That means that homes are listing for more, selling for more and selling faster!
I have personally had many instances this past year where I had a very difficult time finding homes for my clients that were looking for a home. There were just not enough homes on the market, and even after we found a home we would often wind up in a multiple offer situation leading to a bidding war.
Inventory is a huge key to the continued growth here in our local market. Homeowners who have been on the fence waiting for home values to return to pre-recession levels should be looking to a qualified REALTOR® to provide them with a market analysis on their home and consider listing their property now.
This sentiment is echoed by realtor.com®. “As we open the new year, the first-quarter inventory figures are especially crucial as our first barometer into seller confidence for the 2014 home buying season,” said Errol Samuelson, president of realtor.com®. “The market is still showing significant demand, but in order to have a strong home buying season, sellers need to put their homes on the market.”
If you are one of those sellers who has been waiting on the fence, now is the time to consider coming off of that fence and taking action. Contact us for a FREE, no obligation, Market Analysis of your property.