As 2015 draws near the finish line we are all looking forward to cool beautiful weather for Thanksgiving! Michael and I can’t express our thanks to all our past clients for sending us business and choosing to work with us. Without your constant support we would not have made it through this real estate crisis our community has experienced over the past 6 years. Thank you all!
So how is 2015 shaping up? I was a bit optimist in August when I was expecting this year number of sales to tie or possibly exceed 2014 numbers. October took the wind out of our sales with only 68 single family home sales compared with September, which reported 80 sales. Although the total number of single family home sales are lagging for year the average ($179,282) and median ($158,213) home prices remain strong and in line with last year’s pricing.
The Tri State Market experienced lower single family home sales for October (68) while the percentage of foreclosures sales increased to 19% which is the high for the year. Don’t panic or get excited as I don’t think we are seeing an increase in foreclosures. It’s my opinion as the more affordable priced homes are becoming rare, buyers are grabbing these homes and repairing these properties to make their home ownership dreams come true. Certain “sweet spots” in the market are getting hard to find and in those price ranges the homes sell quickly and competition is the norm.
Team Fahey wishes you a safe and memorable Thanksgiving feast.
Michael and Petra Fahey