Market Update

With June upon us it is clear that the summer has arrived.  This past weekend saw triple digits pushing the mercury to 118 degrees.  The real estate market continues to heat up as well with May 2013 seeing the most single family homes sales for the year coming in at 84.  While home inventory increased to 392 from 360 in April, homes under contract declined to 149 down from 170 in April.  Average home prices increased to $165,606  while the median sales price dipped slightly to 138,000.  The median and average prices continue along washboard road the trend is clear that prices as a whole are on the rise.

Good news for non distressed home sellers as the foreclosure market continues to dwindle.  During May of the 84 home sales only 21% were foreclosure properties.  Continued national good news regarding the real estate market in Arizona breaths excitement and speculation into the tri state area.  We have seen a significant increase in offers hitting our in boxes.  During Memorial Day weekend local REALTORS spent most of their time showing riverfront homes.  Thomas Phipps of Wells Fargo Mortgage noted that he had not generated so many pre loan approvals for riverfront buyers in many many years.  although many offers were submitted the fact that only one river home went under contract since the holiday signifies in my mind that the sellers are just a confident as the buyers that the market has taken a turn for the good.  While the buyers are ready to commit to spending money on the river, it is clear that the sellers are holding to their already reduced asking prices with renewed anticipation that the market will hit their number..
Area subdivisions continue to anticipate the comeback as “sticks in the air” continue to be more commonplace than the anomaly it once was.  With sales prices on the rise, it is clear that developers and builders are gearing up for a long anticipated fall with buyers looking to purchase new homes.

Looking to buy or sell?  Call us today as the selection is good, interest rates continue to remain at record lows and our market continues to improve.

www.bullhead-riverfront.com