.

Market Update: Closed Sales are up 25% over December 2011

Good news in the real estate market for December 2012 with closed sales increasing almost 25% over December 2011.

Good news in the real estate market for December 2012 with closed sales increasing almost 25% over December 2011.  This increase may be attributed to activity related to anticipated tax increases that many high end homeowners and investors were looking to avoid. Inventory is down about 20% year over year, which is good for those looking to sell, and contracts are up slightly at 6%. 

Looking forward I have two concerns with market activity continuing in this direction. First, the increased sales activity of the 4th quarter may have borrowed sales from 2013.  Second, with all the good news in housing, many sellers who have been waiting on the sidelines for the market to improve may rush to get their houses on the market this spring.  This rush would cause inventory to spike and put more pressure on pricing. Even though we have had significant sales activity this year, prices in most of our market are flat or still declining. Adding more inventory would make it difficult to see any significant increase. 

If you are looking to sell this year consider putting it on the market now to maximize your return on your investment.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something