On the verge of another real estate boom? The numbers we’re seeing are suggesting it’s possible

The National Association of Realtors (NAR), just released an article detailing some of the numbers for the national 2012 real estate market and they are very encouraging. First off, total home sales in 2012 were the highest we’ve seen in 5 years, and the annual rise in home prices was the highest since 2005 (that’s right, the height of the previous boom). Completed transactions were 12.8% higher for December 2012 than December 2011 and the annual total for 2012 was 9.2% higher for the year than 2011 representing the highest volume since 2007 and strongest increase since 2004. 

It seems on the road to recovery we’re actually seeing a new mini-boom at the moment. Local Realtor’s, like myself, in the Portland metro area can attest to that as we are regularly seeing multiple offer situations and homes that, when looking at the comparables seem overpriced, yet they get scooped up anyway and often at close to asking price. Inventory is low, rates are low so buyers are scrambling trying to find something while prices are still relatively low which is putting sellers in the drivers seat in the current market.

Scott McDonald – Realtor & Principal Broker

 

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