The number of resale homes on the market is at an unseasonably low level – 7,455. This 17% drop from December of 2015 and 8% from November of 2016 could be a trend.
The last time we saw resale inventory below 8,000 was September of 2013. Many of you may recall, that 2013 was a big year for appreciation in the valley.
The December. 2013 closings were at 3,433. Closings are up 8% compared to December of 2015 and 8% when compared to November of 2016. Overall the number of closings or demand is stable.
The Average Resale sales price is $274,710 in December of 2016. This is an 8% increase over December of 2015 ($254,159).
With a decrease in resale listings there will be more competition for properties and we could see an increase in pricing. We may see multiple offers on properties as well.