I get asked “how’s the housing market” all the time. There is no simple answer to this question. I hear others answer this simply by saying “its great”. That is not a 100% true statement. That statement could be true to the home seller who receives 10 offers above list price after the first day of showings. Ask a home buyer who has been looking for a home for several months, making offers and getting beat out, and they will most likely say this market sucks. So yes, it can always be a great market depending on which side of the fence you are on, your location, and what your intentions are. A better question would be “whats the status of the market”.
The status of this market is a sellers market. Inventory of listed homes have fallen to an all time low for month of October with 8,041 listed homes in the metro area beating the previous low set in 1992 at 9,643. To put that in perspective, in October 1985 there were 19,021 homes on the market and that was with 80% less population. In October of 2006 there 29,722 homes on the market. As for home prices for October, they were up 6.6% from October of 2013.
Bottom line is, if you are looking for a home, you will find one but it may be a frustrating journey. I’m still putting buyers in homes they love. If you are selling, it’s still a great time to list and you will have plenty of buyers coming to take a look.
Statistical Source (Metrolist) http://insiderealestatenews.com/2014/11/12/home-inventory-record-low-for-october/?fb_action_ids=10203077724173620&fb_action_types=news.publishes&fb_ref=pub-standard