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Welcome to the Collins Group Realty September 2013 Market Update

October 31, 2013
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 Happy Halloween from HHI!

There’s nothing SCARY about these market highlights, except maybe to anyone who has been sitting on the “fence” to make a purchase:

  1. Inventory of properties for sale in our market had dropped 17% from this time last year, continuing a consistent-decline over the past 3 years.
  2. The Housing Affordability Index for our area has bottomed-out and been climbing over the past few months.  For those who wish to buy at the defined-bottom of the market, this is a key factor to consider.  And since no one knows the  bottom until it is behind us, this is worthy of consideration.
  3. The time on market required for properties to sell has dropped SHARPLY over the past 2 months, reflecting a growing number of instances of properties selling in very short order.  This stat has dropped 13% from this time last year.
  4. The number of new listings coming on the market is down by nearly 15% compared to last year, as fewer and fewer sellers are entering the marketplace.  Many metropolitan marketplaces are facing an inventory crisis, and it seems that trend is trickling our way, too!

As a final piece of good news, the anticipated hikes in flood insurance premiums for certain-elevation properties may soon be put on hold, pending Congressional and Presidential approval.  Stay tuned…as this is one SCARE that we would all like to have behind us…

Have a great November ahead!

Best-Chip

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