May Neighborhood Market Update & Neighborhood Garage Sale

Interest rates remain at AMAZING levels (around 3.75% for a fixed 30 year FHA) and prices seem to have stabilized with inventory driving this bus. New listings are down 15% week over week from a year ago. This combined with sales being up 21% has led to a decrease in inventory of 28% so quite a bit fewer homes to choose from which we starting to feel this winter.

Shadow inventory and the economy are the unknown players here. If the economy and job market begin to soften, that could put a damper on sales and even out the supply-demand curve. Likewise, with new lending regulations causing speedier foreclosure to market times, we could see a slight but noticeable increase in the numbers of foreclosed properties coming for sale which could raise the supply, again evening out the supply-demand curve. Time will tell but regardless, the combination of amazing interest rates and low prices have created home affordability not seen in quite a few years.

Our neighborhood is seeing the effects of this with a few homes listed at around $200K selling relatively quickly in the past 30 days. An encouraging trend!

This map shows the homes for sale (green) or pending-accepted purchase agreements (orange) since April 1st. FYI - 9792 Ives at $149,900 is a short sale. Five homes for sale and all but one have offers accepted. Click to see the listings (link will expire in July)

Stay tuned for information on our neighborhood garage sale coming up mid-June. Drop me a line with your address if you'd like to be included as I'll publish a map hear with the garage sale locations.