“Slow, Steady, Upward” is the progress our real estate market has made when measured against the performance of 2011 (ARMLS Stat 1/28/2013):

• Total number of residential sales in our area MLS (Multiple Listing Service) is down about 10% compared to that of 2011; however, the sales in 2011 were “driven by unprecedented affordability,” and the lower 2012 inventory led to fewer sales this past year.
• New inventory, or listings, in 2012 is 10.78% lower than those that came to market in 2011.
• Months of inventory is also down, averaging 2.95 as compared to 3.81 in 2011.
• Days on market (before selling) is down in the Metro area, starting the beginning of the year at 91, and ending at 71.
• Pending foreclosures also trended down, from 18,247 beginning of 2012, to 10,466 by end of year.
• Distress sales down from 57.7% of total sales at the beginning of 2012, to 39.4% by end of 2012.
• And, predictably, lower inventory, fewer distressed homes to choose from, multiple offers on many properties means that in 2012 the median list price went from $140,000 in January to $169,000 in December.
• Median sales price increased from  $120,000 in January to $153,000 by December, for a 27.5% median gain for 2012.  Average price went from $169,500 in January to $211,300 by end of year – a 24.66% gain.