Numbers are out for the first eleven months of 2012 and the news is great for sellers, REALTORS, and investors!
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November from a downwardly revised 4.76 million in October, and are 14.5 percent higher than the 4.40 million-unit pace in November 2011. Sales are at the highest level since November 2009 when the annual pace spiked at 5.44 million.
Lawrence Yun, Chief Economist for the National Association of REALTORS, said there is healthy market demand. “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” he said. “With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas.”
Now that the “Fiscal Cliff” issue has been narrowly averted, and the elections are behind us, High Country REALTORS are already seeing an increase in buyer activity. Showings are up and inventory is down. That means that “deals” are going fast, with buyers still looking to take advantage of historically low interest rates.
If a mountain dream home is part of your 2013 Resolution list, now’s the time to buy! Prices are already creeping up and history has shown that mountain real estate rebounds more quickly than a primary urban market. Call us and we’ll find the perfect spot to make mountain memories.