Well, I realize that March was a couple months back and the numbers reflect a drop in volume...but, I can tell you that May is turning out to be unusually busy. We recently had over 200 pending sales, the likes of which we have not seen in a long time around here. Everything is going under contract! Small land parcels to million dollar homes and everything in between. Most of the time, mud season is a time of wondering if the sun is going to shine, heading to the desert and generally working on action plans. This year is a different beast!
Melissa Gibson with Land Title provides us with the March numbers and says:
"March was a decent month, but down from last March in Gross Volume by -25.17% with $31.3M. Transactions were also down by 21.10% with 86 transaction. However, YTD we are still +10.61% in Gross Volume and down just -1.31% in number of transactions. Not bad considering the low inventory we are experiencing now.
There were 5 New Unit sales in March and 6 upper end sales.
Snapshot values are starting as follows:
Average Sales Prices:
Single Family +7%
Multi Family +12%
Vacant Land -49%
March had 145 Deed of Trust recordings, with 73% of purchasers closing with financing at the time of sale and 27% of purchasers closing with cash. The high percentage of financing on purchases and the increase in refinances is definitely reflective of our low interest rates. "
Click here for full report for March 2016