When you reach the bottom of the market there is a period of leveling off – it just doesn’t take off again like a rocket. But there are some signs to look for that’ll help signal where we are in that leveling. Based on statistics provided in the recent September 2012 Market Trends Update by local appraiser, Jim Kelley, it would appear we seeing some positive shifts in our market. Some points of interest:
- Residential Sales jumped 26.9% YTD (Jan – August) over 2011 … Thats a tad down from the end of July, but that’s a pretty notable increase.
- Median prices are still struggling, but fell only 2% … thus what I believe is the leveling off period.
- Bank owned (REO) and short sales are staying level at 40% of the sales. Once this starts to fall I believe that’ll be a lovely sign that the market is taking an upward turn.
