How’s the market?

I guess you could ask 100 Realtors this question and get 100 different answers. Even agents in the same geographic area will have varying responses. Here’s what I think based on what I have been experiencing.
In the Treasure Valley, the market is improving.  That is not to say that we don’t have our fair share of distressed properties. We do. It also doesn’t mean that home prices are soaring, but in some areas prices appear to be stabilizing and even rising slightly. The market is interesting to say the least.  According to January numbers from the Intermountain MLS for the last three years, the percentage of Active Properties (listed for sale) vs. Pending Properties (under contract and waiting to close) has significantly improved.  Also, notice that the inventory is very low. This means that quality homes that are priced right are selling more quickly.
New Construction Numbers:
Active          Pending
01/2010     1582             200           13% pending
01/2011     1298              145            11% pending
01/2012     1014             198             20% pending
Existing Home Numbers:
Active            Pending
01/2010      8362              1285          15%  pending
01/2011       7228              1190          16%  pending
01/2012      4885               1470         30% pending
The biggest complaint I hear from agents these days is about lack of inventory.  The buyers are out there, and why not? Prices are good and interest rates low.  The problem is that there isn’t much to buy.  Well qualified buyers are waiting for “the house” to come on the market. It seems sellers are holding tight. Perhaps they think that prices will increase, or maybe they are just afraid to find out what their home is worth.
As a Realtor, all I can do is spread the word that buyers are waiting – perhaps for your home! It would be nice if we could get sellers back into the game.
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