July Market Update
During July 2012 foreclosure filings were down 44% from July 2011. This is GREAT news. Until the distressed sales decline, prices will not, and cannot, increase. This reveals that we may be getting to the bottom of the market and prices could start increasing in the near future.
Summary – 2012 year-to-date sales are up 17% over the 2011 year-to-date sales. Land sales lead the way (up 39%) with residential following close behind (up 12%).
Details are listed below:
YTD Sales Overall – up 17% (1194 units vs 1022 units)
Residential – Up 12% (928 units vs 827 units)
Land – Up 39% (251 units vs 180 units)
YTD Under Contract Overall – up 14% (1360 units vs 1194 units)
Residential – up 9% (1072 units vs 986 units)
Land – Up 42% (272 units vs 192 units)
Inventory – Over the last three years, overall active inventory has declined by 24% with residential properties leading the way with a 25% decline, Lots / Land declined by 24% and commercial listings by 11%. Another indicator we may have hit the bottom are current listings for sale on the market; less and less to choose from means higher prices.