OK buyers, fair warning. With less than 60 days to go and in spite of the election, Europe, the stock market or anything else, the average sale price will end the year higher than last year for the first time since 2008. Average prices declined by 16.8 percent from the peak in '08 through last year. This year prices are up by 5.1 percent. If you're waiting for further collapse you've blown 30 percent of your profit margin. There have been 13 percent more properties sold to date. Monthly sales nearly reached 200 for the first time since 2007.
There were 1,715 properties listed for sale last week, 200 more than we will sell this year.
195 ... number of properties sold in October '12 - the most in the last 59 months
239 ... number of sales in November of 2007 - the last time over 200 sold in one month
Chuck Leathers is the broker/owner of Chuck Leathers Real Estate Co. He can be reached at (888) 485-2300 or email him at ChuckLeathers@Realtor.com.