In December, for the first time in a long time the price per square foot of SOLD properties ($125 PSF) exceeds the price per square foot of Active listings ($122 PSF) in Kingsburg. The amount of days it took to sell a piece of property went from 81 days in November to 84 days in December and most notably is the average price per home. November saw the average price at $184,292 and in December, it went way up to $234,034. Out of the total 8 sales, 4 of these were SOLD at over $130 per square foot. Could it be that the market is finally changing for the better or was December just an anomaly? Typically, December is one of the worst months for real estate and I have to say that this past December showed the best improvement in all of 2012.
Be sure and look for our 3 year Real Estate Recap display ad coming out in the Recorder/Enterprise January the 23rd and the 30th. It’s interesting to see 3 years at glance. It really shows the ups and downs and the only strong indication that I see, is the lack of inventory. Again, when inventory goes down, prices and values usually go up. It’s that old “supply/demand” thing.
The MID (Mortgage Interest Deduction) made it through the first fiscal cliff cuts. The next one looming on the horizon is in March and the MID is supposed to be re-addressed at that time. If we lose our ability to deduct the interest paid on our mortgages, it will greatly impact our industry. So here we go again on that same roller coaster ride.
All our best for success and prosperity in 2013. If you or anyone you know is in need of the advise from a real estate company or mortgage company, please give them our phone number. We love referrals!
The Housing Connection (559)897-4077 and/or New Era Loans (559)897-0968