- The sale of homes priced over $750,000 jumped 50% from a year ago
- Sales of lowest-end homes (largely distressed) fell 4%
- Supply of homes nationally is at its lowest level in 7 years, 4.8 months worth at the current sales price
(Stats from the National Association of Realtors)
All of the good news does not stop there. The national median home price also went up 10.1% since November 2011 to $180,600.
One key factor that affects the real estate market is supply and demand. With years of distressed properties dominating the market the supply has been overpowering the real estate market in some areas of Central Ohio. However, some areas of Central Ohio were not negatively affected by the turn of the housing market over the past few years.
“The risks around our forecast of a 5% increase in house prices next year are on the upside,” notes Paul Diggle of Capital Economics.
Predictions for 2013...
- Distressed Property Sales with continue to decline due to fewer delinquent loans
- Could possibly see another surge in foreclosures now that banks are ramping up foreclosures of long-delayed delinquent loans
“With the homebuyer affordability index near multi-decade highs combined with decent job creation at the same time renting has gotten more expensive --all lead to a continued improvement in sale,” writes Peter Boockvar of Miller Tabak.
“Sales are still 30% below the bubble highs and are still where they were in 1998, both pointing to the degree of possible improvement ahead but also evidence of the damage that was done where historically the pace of recovery takes time." Says Boockvar.
In 2013 we should see some changes for the better. Over the past few years we have been seeing a slow movement towards a better housing market in all Central Ohio areas.
If you are looking to jump into the housing market this year, Dial Darla!
Office: 614-431-1005
RealtoDarla@aol.com
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