The trend of sales being at a double digit increase over their corresponding month in the previous year has now carried over into 2014. Sales in January of 2014 were up 18% over those in January of 2013 and a staggering 40% jump over 2012. Record sales have now reached thirteen consecutive months…and counting.
Pending sales (transactions under contract, but not yet closed) along with closed sales are an accurate gauge of activity in today’s market. Well both are robust…not only are closed sales increased, pending sales are too by 10% over last month. Plus, the average sales price jumped by 16% from a year ago, 21% over December’s average.
What does all this mean? Obviously, the housing market is showing signs of appreciating its prices and accelerating sales activity until we find a point of stability and equilibrium. Many claim real estate is an economic engine for the area’s economy. Let’s look at the benchmarks of a formula developed by the National Association of REALTORS®: 884 new jobs created over the last thirteen months and over time, in between $35-$70 Million in capital infusion.
Our reports are local, timely, and accurate. You can find them for other months on our REALTOR® Association website at http://www.hprar.org. The High Point Regional market includes Archdale, High Point, Jamestown, Kernersville, Thomasville, and Trinity.