There has been a spread between the average listing price, and the steadily increasing average final selling price that has been widening since August. Also, active listings have dropped 9% over the same period.finally, the average number of days until sale remains close to 84, significantly lower than the national average.
The local rebound appears subdued, as our market did not suffer the calamitous collapse experienced in other markets. Hence, our market is improving, but at a sustainable pace. Low interest rates have clearly been a factor in this. And while I still believe interest rates will remain steady, hovering near the 4.5% level through the second quarter of 2014; forces are aligned that will push the average interest rate well over 5% by the end of 2014.
What does this mean? With existing home inventories continuing to shrink, now would be a good time to buy. For the potential seller, shrinking inventory results in less competition, hence quicker sales.