Inventory remains at record lows even with over 500 new additions each week being added on. The absorption rate seems to be handling the addition of these new listings but I can only wonder how much longer with the poor performance of sales during the first quarter of 2012 (see below).
Can you spot the April sales statistic? Its hiding behind 2011! Not really the sales that speculators anticipated during the first quarter of the year however, the poor sales performance has had no significant bearing on inventory gain nor property value increase. Both of those stats remain strong as well as the average days on market (89).
Sale prices remain at record highs this month. A good movement month for executive and stately properties to boost this stat along with the flourishing entry level property market. We are still seeing high demand in the key regions and property types but with the poor showing of sales, one can only wonder how much longer.
So almost an exact repeat of last months activity. Record low inventory and sales value but sales themselves fell flat again for the third time this year. Talking with a few peers and colleagues, it seems the general mood is one of reluctant optimism. People are optimistic that the market has changed at that it will continue to change over the next few months but are still reluctant to fully commit to the investment and are waiting for the explosion. By then of course, its too late...
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah