RE Stats: 5/8-5/15

For months, one question has loomed large in the minds of Realtors: Will the housing market roar back to life in the spring? It is a question that arose from the slowing market of 2022 when rising mortgage rates sapped demand for new loans. However, there are positive signs indicating a potential recovery.

A recent report from the National Association of Realtors revealed a 14.5 percent jump in existing home sales from January to February, breaking the year-long trend of decline. Additionally, a report from Zillow indicates the presence of motivated buyers, despite challenging conditions.

Real estate agents across the country are reporting an uptick in activity, with bidding wars and open houses gaining momentum. Although inventory remains tight, there is cautious optimism among professionals about the prospects of the housing market in 2023.

In Mesa County

• There are currently 401 active homes on the market in Mesa County. This is a slight decrease from 407  last week.

• The average sold price YTD is $415,070 and the median sold price YTD is $375,000.

• There have been 71 price reductions in the last 7 days.

• There have been 91 new listings in the last 7 days.

• There have been 131 pending listings in the last 7 days.

• The average DOM for the active homes is 84 .

Last Weeks New Listings

Last Weeks Sold Listings

NATIONAL MARKET UPDATE

The spring housing market is heating up. The Mortgage Bankers Association reported purchase mortgage applications rose 5% compared to the week before. Even refinancing applications spiked 10% from the prior week.

This is happening even as the National Association of Realtors reports that almost seven out of ten metros saw home prices rise the first three months of the year after roughly half a year of moderate price declines.

A new Zillow study supports this, reporting home values climbed 1% from March to April, as buyer demand for limited inventory is re-igniting the sellers’ market. Higher rents are also bringing more buyers onto the scene.

Here is a link to download my album! 

Note:  If you are receiving this unexpectedly it is because you have been placed on a limited distribution of friends and colleagues that I respect and believe will benefit from what I am sharing.