Real Estate Inventories at Lowest Levels Since 2005, Prices are Up

Real Estate Inventories are at the Lowest Level since 2005 by Sandy Shores Broker Associate

The National Association of Realtors has released their 2012 Year End Statistics for existing home sales.

In 2012 existing home sales increased by 9.2% from 2011. This is the highest increase since 2007.

The National average home price increased from December 2011 to 2012 by 11.5% to $180,800. This was a 10 month year over year increase.

The national average median price increased by 6.3% to $176,600. This is the largest increase since 2005.

Our inventories of homes for sale at 2012 year-end are at the lowest they have been since the housing boom in mid 2005. With just 1.82 million units, this is only a 4.4% supply of inventory.

Chief economist, Lawrence Yun, for the National Association of Realtors predicts that, “both sales and prices will again be higher in 2013.”

So, those that are holding out for “that great deal” you may want to rethink your strategy and start moving forward on those good deals, if you can still find them. Every day we are seeing fewer properties on the market for sale.

Check out the National Association Year End Statistics.

Funny, but we are not currently hearing about the “shadow inventory” of homes yet to come on the market.

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Melbourne FL Real Estate, Sandy Shores, Realtor

Sandy Shores, Broker Associate, Brevard County FL Real Estate

Sandy Shores, Melbourne FL Broker-Associate

M & M Real Estate, Inc.

Residential, Investment and Relocations

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