Now that we’re well into 2011, several of my clients have been asking how the market ended up in 2010.
2010 saw it’s ups and downs with sales at three year highs in the first part of the year followed by a significant drop after the expiration of the federal tax credit.
The good news is November and December sales showed signs of improvement with December being the strongest in the past three years.
I expect 2011 to be a little sluggish as we begin the year, followed by a slow and steady improvement each month as we head into the strongest selling period June and July. We should see a return to normal sales by mid yeah to year end of 2011 with a nice turn around in 2012.
So what does this mean for you,
well if your buying your time to take advantage of historic low interest rates and bargain basement prices may be running out. While sales we’re down in 2010 we still saw about a 3.5 percent increase in price!
If you’re planning to sell, there’s more good news, foreclosure inventory continues to decline helping to stabilized prices and available lots for new construction are at an all time low. Buyers are going to have to turn to the re-sale market due to the lack of new home construction all over the city.
If you’d like more detailed information on your homes value, I’d love to hear from you. Let’s all have a great 2011 and we hope to hear from you soon!