For the 9th consecutive month in 2013 housing sales have outpaced the same time period in 2012 by double digits. For September the increase was 64% and sales under contract, but not yet closed were at a double digit increase, too! This is the 3rd time this year that sales have increased over their corresponding month of 2012 by more than 50% and the second largest percentage increase of the year.
A year to year comparison of ’13 and ’12 shows that sales (closed transactions) are ahead of last year by 43% and a combination of sales and transactions under contract, but not yet closed are up 73%. This is a clear indication of very significant improvement in the region’s real estate market’s activity and growth. And since real estate is often called the engine that drives the economy this vibrant and accelerated change is ‘good news’ for economic growth, stabilization, and even investment.
Another “good news” sign is that in September 60% of the MLS inventory sold within 90 days. Last month sales in 90 days accounted for only 57%. This is clearly a strong sign of appreciation and maturity.
According to a formula developed by the highly respected National Association of REALTORS®, 2013 total sales are 1142 for 9 months:
- Created more than 550 new jobs
- Has already started and over time will pump between $23-$46 Million into the region’s economy
- The intangibles of housing such as supporting neighborhoods, stability, reduced crime, and providing a source of community volunteers.
- New foreclosures are NOW at lowest level in 6 years.