By Birtola Garmyn Real Estate
Thanks to recent data released by the National Association of Realtor’s (NAR) we know that 2014 Real Estate market ended with a “hiccup” since home sales declined by 6.1% in November from the month of October.
Since most home buyers typically put their home buying plans on hold during the holidays the decline was normal.
We can expect to see home sales increase in January once people get back to work after their vacations end and resume their home buying in earnest.
Median Homes Sales Price Strong
The good news to enter 2015 is that the median sales price for an existing home in the United States as of November 2014 was $205,300 and this is a 5.0% increase from November 2013.
Besides a strong median home sales price we’re seeing strong growth in the Bend Oregon Real Estate market and most major markets across the United States including the Midwest which saw a gain last year of 7.0%.
New Home Construction Down
Housing starts have declined in recent months by 2% but we still ended 2014 on a high note with a gain of close to 10 percent in home construction across the United States.
Most of the gains we saw in housing starts during 2014 were apartments and that’s not necessarily a bad thing since a shortage of apartments across Central Oregon and the United States have increased rents and more apartments to choose from would be welcomed by renters.
What’s shocking about more apartment construction though is that the average days-on-market for a NEW single family home has only been about 3 months so many builders and economists wonder why we aren’t seeing more new homes being built nationwide.
The shortage in home construction could be due to rising construction costs, lack of qualified construction workers or the difficulty many construction companies have faced with obtaining financing.
2015 is going to be a great year to buy or sell a Bend Oregon home contact us today by clicking here or call us at (541) 312-9449.
If you’ve found this article helpful please leave us a comment below and share!