There are signs of life, but it’s nowhere near as robust as it was at the peak in 2006. Or as deathly quiet as it was a few years ago.
“Squishy,” as I heard one agent describe it a few days ago.
“Maybe this is the new norm,” offered another…the way it used to be before the cycle of explosive and then morbid markets of the past few decades.
Those of us who have been in the real estate business for 30 years or more remember the markets before these roller coaster rides. Real estate was viewed as a long-term investment, not something an investor would purchase in January and then “flip” for a huge profit six months later.
I love statistics. Analyzing numbers gives me a sense of what’s really happening. Anecdotal examples just don’t cut it.
So here goes!
In 2015 the median sale price of a home was $300,000 compared to $325,000 in 2014.
In 2015 homes were on the market an average of 103 days. In 2014 the figure was exactly the same.
The conclusion? The market is anything but firm. Let’s call it squishy!