Clients frequently ask me if now is really the time to purchase a home based on the increase in prices since the beginning of 2013. I recently read an article that should help buyers get off the fence.
In a nutshell every quarter a group of housing experts conduct a nationwide survey of "Home Price Expectations" of over one hundred economists, real estate experts, and investment and market strategists, asking them where prices are headed over the next five years.
They then averaged the projections of all 100+ experts into a single number. Below are the results of their latest survey:
▪ Home values will appreciate by 6.7% in 2013. * Remember this is a national average.
▪ The average annual appreciation will be 4.7% over the next 5 years
▪ The cumulative appreciation will be 23.7% by 2017
Even the most bearish experts who made up a quartile of the survey are projecting a cumulative appreciation of over 13% by 2017. In comparing July's market activity from last year we had twice the number of closed or sold properties up 100% from 5 in July 2012 to 10 this July.
The average sales price this July increased by $120,000 from last July, which is a reflection of our improved real estate market. 8 new properties were listed in July; out of this number 5 went under contract within 10 days of being listed.
NEW
LISTINGS
Price Quantity
Price Quantity
$700,000 – $749.999 1
$800,000 – $849,999 1
$2,000,000+ 1
Average Price: $1,458,300
PENDING INSPECTION
Price Range DOM* (Days on Market)
$550,000 - $599,999 1 5 (Listed in July)
Average Price $550,000
PENDING
Price Range Quantity DOM
$600,000 - $649,999 2 8 (Listed in July)
$950,000 - $999,999 1 7 (Listed in July)
$1,500,000 - $1,749,999 1 10 (Listed in July)
Average price: $930,750
Average DOM: 8
SOLD
Price Range Quantity DOM
$650,000 - $699,999 1 9
$700,000 - $749,999 1 4
$750,000 - $799,999 1 28
$800,000 - $849,999 1 8
$1,000,000 - $1,249,999 2 13
$1,250,000 - $1,499,999 3 15
$2,000,000+ 1 460
Average sales price $1,172,258
Average DOM = 58
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