By Sonny Shrivastava
Cromford Associates, publishers of the famed Cromford Report, has released its year-over-year market update. There is much for sellers to celebrate! Here are the key, valley-wide data points versus a year ago:
- Inventory is down 14.2%
- Median sales price is up almost 9%
- Closed sales are up almost 9%
- Months of supply is down from 3.6 months to 2.9 months
What Does it Mean?
Real estate prices are ruled by supply and demand. Inventory, or number of available homes for sale, is decreasing while the number of buyers vying for properties is increasing. Increased competition for fewer homes means higher prices. Median home prices are up almost 9% from a year ago.
Still On the Fence?
Get off and buy something! If you bought a $300,000 house a year ago, you would have $26,000 in equity today. If you were pre-qualified last year for $300,000, looked at some homes but did not buy anything, you could not afford to buy those homes today. A seller's market, unfortunately, means that buyers need to buy into the market or risk being priced out of the market.
The Sonny & Daniella Team Can Help
In such a competitive market, it's important to have the most updated information at your fingertips and the best Realtors® at your side. That's why our listing database is updated every 15 minutes, so you don't miss out on anything. We are also experienced negotiators and always get our buyers the lowest possible prices.
Contact us today and let us help you get your piece of the American Dream.