The last few years have been exhausting, to everybody involved in the real estate industry – it’s like they’ve been measured in dog years!
Take a look at this first chart – $/sqft over the course of the last few years:
Prices were plummeting in 2008, which continued into 2009, until the government stepped in to prop them up with the $8,000 tax rebate plan. Then, once the tax rebate program expired, prices fell back to new lows, until this spring. Suddenly, in the last 6 months, prices have SPIKED more than 20%!
Next let’s take a look at the occupancy of listed homes:
There has not been a single month in the last 3 years, with fewer than 3,000 new vacant listings hitting the market. Fact is, the market won’t be anything like “normal” until vacant listings go back to being a small percentage of the market. Unfortunately, it doesn’t look like that will happen anytime soon..