A new year has begun, and many of you around Berkeley County
and Jefferson County
might be thinking about buying
your home before year’s end. This is definitely a large financial decision to make, so you want to make sure that you have the best information about the state of the market before you enter your transaction. As your one of the premier real estate teams in West Virginia’s Eastern Panhandle
, we make it a priority to look at the most updated statistics at the end of each year to gauge what we can expect in the year to come. What we discovered is that 2013 looks like a promising year for local real estate!
Here is a brief synopsis of 2012 housing statistics:
In existing home sales…
· Total existing home sales rose 5.9% in November over last month.
· Sales are 14.5% higher than November 2011.
· Sales are at their highest level since 2009.
· Total housing inventory is the lowest since September of 2005 at 4.8-month.
· The national median existing home price is up 10.1% from November of last year.
In pending home sales…
· Pending home sales increased for the third straight month in November and reached the highest level in 2.5 years.
· The index is at the highest level since April 2010, when people were scrambling for the home buyer tax credit.
· On a year-over-year basis, pending home sales have gone up for 19 consecutive months.
In new home sales…
· November numbers hit a 2.5 year high when they rose 4.4%.
· Sales are now 15.3% higher than one year ago.
· Home prices rose 4.3% in the 12 months ending in October.
· In nineteen out of twenty cities surveys, annual returns were higher in October than September.
So, what does this all mean?
· We have turned a corner. The real estate market is starting to recover.
· While the numbers look promising, we still have a very long way to go before the real estate market is back in a “healthy” state.
· While 2012 could be considered a “rebuilding” year where the market bottomed out, in 2013 we’ll start to see more strides in a recovery.
· Home prices are still low, as are mortgage rates, but home prices are starting to go up. This is a great time to enter the market if you’re a buyer and seller as homes are still affordable, but rising in value.
Looking over these statistics, we can confidently say that housing market conditions are improving and that buyers
need not be afraid to enter the real estate market in West Virginia’s Eastern Panhandle
. With our team of experts by your side and the improving housing market, your transaction will be in great hands and run smoothly.