The Attias Group Real Estate reports that median home prices are up in 51% of metro areas across the country. In addition, the cost of capital right now is at an all time low, 3.75% on a 30 year fixed mortgage, helping to fuel this increased market volume.
At this time last year, with a surge in sales of foreclosed homes and a big push by banks to facilitate short sales, home prices dropped dramatically. In fact, national home prices fell below the mark set in spring 2009, according to CNBC.com
In stark contrast this year a report released by the National Association of Realtors (NAR) tracking home prices through March sited the median price for existing homes rose in 51% markets tracked by NAR. The last time increases were seen of this volume was in the fourth quarter of 2010 after the federal tax-credit program for home buyers expired. Excluding that period, which many analysts believe was an artificial boost, we have not seen appreciation in so many metro areas since late 2007.
Locally, the average sale price of a single family home sold in Concord, MA this year is $1,040,206. This is up from $873,386 in the same time period last year, an increase of 19%. This is encouraging news for those home owners looking to put their home on the market. In addition the average home is spending fewer days on the market in Concord; The Attias Group Real Estate is reporting a 25% decrease in days on market.
With home prices rising, and inventory spending less time on the market, we believe the market is in the initial phases of shifting from a buyer’s driven market and into a seller’s driven market. However, the top 25%/first quartile of the market will continue to see some depreciation.
This could be one of the most exciting times in the real estate market in recent years based on inventory opportunity and the cost of capital. If you are looking for advice/guidance when it comes to buying or selling your home call 978.371.1234 or email firstname.lastname@example.org.