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Now that 2103 is well under way, we can take a look at 2012 with an introspective look at how the real estate market performed for buyers and sellers and in general. The bottom line is that 2012 was a great year – particularly as compared to the year prior.
Sales were on the rise. Median sales prices
were good for both single-family homes and condos and homes tended to sell at
or above asking price in many transactions. Inventory levels remained for the
most part at their lowest levels in 30 years, sparking a phenomenal amount of
competition among buyers.
What that means for us moving forward is
that we can look ahead to stronger sales, increased activity in the marketplace
and of course continued strong buyer interest. This is further indicated in the
fact that last year homes in the under $500,000 price range frequently sold
above asking price – in fact, almost one in every two sold higher than asking
price.
Median sales price for single-family homes
was at $625,000 last year and for condos the median sales price is reported as
$315,000. With one in every five homes selling so close to asking price the
indication is a very strong sellers’ market moving ahead.
As we saw throughout the year, mortgage
rates hovered at their all-time historic lows with even lower rates available
for government-backed loans.
Moving into the 2013 real estate year –
it’s a great time to be buying or selling a home and Team Lally would be happy
to be the ones helping you through the exciting process! We invite you to
contact us today and don’t forget to catch up with us on Saturday mornings
between 11am and 12noon on AM830 KHVH for our real estate radio show.
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