What Do Current Tri-County Market Trends Mean for You?

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Hello, and welcome to the May edition of the Hot Off the Press Market Report! I'm here to report that existing home sales are WAY UP from last year and pending sales are surging!

Although you might see some headlines saying that sales are down, when you look at the numbers, you'll find that home sales were MUCH higher in February 2015 than they were in February 2014. It amazes me how lazy the mainstream media is when it comes to presenting accurate market data! For instance, they wouldn't report that sales for suntan lotion and swimsuits are down in December, January, and February, would they? 

Like clockwork, home sales drop during the same time period each year. Of course there was a dip in home sales over the winter months - it happens every year! To get a more accurate picture of where our market is actually heading, it's best to compare year to date statistics from year to year. Instead of saying home sales have fallen off, you would notice that sales are actually substantially higher than they were at this same time last year!

Another thing to take a look at is pending home sales. According to NAR, a market with 100 pending home sales is a historically healthy one. In February of 2014, that number was near 94, which indicated a weak market. However, in February of 2015, pending home sales were at 107! In other words, despite what the headlines would have us believe, the market is booming! 

If you have any questions about what these market conditions mean for you, or if you need real estate assistance of any kind, give me a call or shoot me a quick email. I would love to hear from you!