The market had some good signs this month of May after a continual drop in sales since the last half of the year. Prices are holding steady with a a 14.4% appreciation with the median listed price at $223,000 since last May 2013. We are not going to see huge jumps in appreciation as activity has extended the Days on Market from 70 days last year to 82 days now.
Foreclosures and Shortsales are at an all time low which is keeping prices up and making investors rethink their quick flip strategies as the smoking deals are gone.
We are expecting to see home real estate sales through the summer to stay steady yet we will see a widening in the gap between listed price and sales price as there are less buyers looking. Much has been the cause of the Dodd/Frank Bill's Wall Street Reform and Consumer Protection Act making it harder for buyers to qualify. Banks are recognizing this drop of business and are looking for develop new residential loan programs to skirt around the dreaded QRM (Quailty Residential Mortgage) standards. Sales are down 12.5% over last year at this time.