Friday, March 22, 2013

Real Estate Sales Are Up and the Pace is Increasing

We’re pretty excited to report some shining numbers on recent home sales. They all point to a real estate market that is steadily improving, and we anticipate that it’ll continue through 2013. For example, according to the National Association of Realtors (NAR), annual home sales had rapidly decreased from approximately 6.2 million to 4.4 million in just three years until 2008 – a result of the declining economy in which most lenders and buyers tightened their belts. However, there is much more consumer confidence in the market and the recovering economy, and since 2008, we’ve seen a slow but steady shift to 4.65 million homes sold in 2012. In fact, the increase between 2011 and 2012 was 9.2%!

Home Sales
Total Home Sales

2012 also saw an rise in the monthly annual pace of sales, up 12.8% from December 2011 to 2012 (NAR). So not only are more homes selling, but the total number of homes being sold is increasing at a quicker pace. Good news for homeowners!

Home Sales: Monthly Annual Pace of Sales (Seasonally Adjusted)
201203 Sales Rally Home Sales Pace_Cropped

Sellers will be pleased to know that we think the market is becoming more balanced and will trend that way through 2013. We have been experiencing a buyer’s market for the past several years which has meant fewer offers and houses that languished on the market for long periods of time, over a year for many! But our experience so far in 2013 has been positive – we’ve seen many homes receive multiple offers which can often mean a sale price at or near the seller’s asking price.
Of course, numbers vary locally from town to town, and no one knows Northern New Jersey Real Estate like The SR Real Estate Group. The average it time it takes to sell a home can vary drastically from one township to the next – multiple months in some cases. If you are thinking of selling your home, we encourage you to contact us, Rahul and Smitha, for a FREE consultation. We will discuss with you the local trends for your town and neighborhood, and give you a realistic picture for your individual situation. In the mean time, keep checking back or subscribe to our blog feed for up-to-date real estate news and market information!

The opinions expressed in blog are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources.  You should not treat any opinion expressed in this post as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion.  Keller Williams Realty, Inc. and the SR Real Estate Group cannot guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind.  All information presented herein is intended and should be used for educational purposes only.  Nothing herein should be construed as investment advice.  You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.  All investments involve some degree of risk.  Keller Williams Realty, Inc. and the SR Real Estate Group will not be liable for any loss or damage caused by your reliance on information contained in this post.
Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com, and