March 1st, 2015
Wow…. Season is flying by and we’re already in March. Over the month of February, the real estate market stayed somewhat flat. Sales were mediocre and seasonal inventory in most price segments continues to rise. I have ten properties in escrow, and that is monumental these days with overall slower year to date sales this season. We are experiencing slower low-end sales this year with inventory up, and increased high-end sales year to date with inventory down.
For the most part, there is really good inventory out there for buyer prospects. We have all but lost our Canadian buyers due to the significant loss in their dollar, and many Canadians have decided to sell. In other words; the cream of the crop inventory is awaiting savvy buyers.
In 2013 & 2014, seasonal inventory in the $1 Million & below price point was lower along with better sales numbers. The opposite has occurred this year with $1Million -$3Million sales up and inventory down. Another interesting factor we experienced over the past two years, was late season sales… significant increases in sales mid-late March through June. Of course we’re all hoping to see that same trend this year which would clean out some of these higher levels of inventory. It is likely we will continue to see price reductions right on through into summer as motivated sellers correct their prices to make their move.
I hope you find this information valuable, and please feel free to reach out if you have further questions and enjoy our gorgeous desert weather.
Please click here to find my updated chart for February 2015: Sales, Inventory, Average Days on Market, and Median Sale prices.