We may have come close to record low temperatures in the month of January, but that didn’t stop the real estate market from getting off to a good start to the year. Although there has not been much for Buyers to choose from (more on that below), buyers still showed a desire to buy, with 384 properties going under contract. This mirrored the results from last January.
The number of Sold Listings was up 8%, and the number of Sold Listings over the past 12 months was up 6% compared to a year ago at this time. Buyers in 2013 showed that they coming back to the market, just at a slow, consistent pace. Part of what is drawing more buyers to the market is the fact that sellers are becoming more realistic with their prices, which can partly be seen in the Average Sales Price which was down 3% compared to last year at this time.
The drop in Sales Price was expected in order to find a new, healthy norm in which to build on. This drop shouldn’t last forever though, as eventually the number of Buyers will increase enough to start sending prices upward again. Supply of Inventory, as mentioned above, is very low right now. That is not uncommon for this time of year, as many Sellers are holding out for better weather. That is not always a good strategy though, as those Sellers who wait will face much stiffer competition then compared to if they listed now. There are plenty of Buyers out looking right now, so if you are a Seller who is ready to sell, there is good reason to go ahead and get your home on the market!