A quick refresher on the colors and codes:
Green is good. Red is bad. The median price is the price at which exactly half the homes are lower priced, and exactly half (the other half, naturaly) are higher priced. Simple, no?
This week's chart shows a lot of what I like to see, namely, green. Green is good. In this week's chart the green shows our inventory of homes available for sale dropping in every ZIP code I cover. That's a first.
Lately I've been doing the holiday catch up thing with lots of Realtor and lender friends. Without exception, they're all saying that things suddenly seem to be shaking loose in the Valley's real estate market.
Sellers who call wanting to list their home for sale are those who have equity in their homes. Buyers are crawling out of the woodwork, cash purchase money or hefty cash down payments in hand. There's still plenty of homes for sale to choose from and buyers can afford to be choosy. But not for too long, since mortgage rates are at multi-year lows.
Is this the beginning of the recovery? I honestly don't know. I think so. But it's felt like a recovery since late spring of 2008 when the professional investors came back to town and started snapping up bank-owned bargains with potential rent rates that cash flowed. And then there's the fact that I'm an optimist at heart. But lately it feels like we might be starting a 6 to 9 month period that could be the best home buying opportunity buyers have had for years and years.