How is the Burlington Washington Real Estate Market For Home Sales Trending?
The average home sale in the City of Burlington Washington increased to $305,125 in March 2012 over the previous month with an average sale price of $157,406. The overall trend for the past fifteen-months is an average home sale price of approximately $200,000 as show by the graph below.
This data indicates the trend in home prices is up, however, there were too few sales to form a basis on the trend of the Burlington real estate market. One high price home sale distorted the numbers for the month of March. I am sure the trend is up as most of the Skagit County Real Estate Market is trending up. See the Mount Vernon Real Estate Market Trends blog positing I completed a few days ago with an analysis of the Mount Vernon market and quotations from publications about the Seattle Real Estate Market.
The number of active listings for homes for sale has dropped over the past three months while the days on market (DOM) for active home sale listings has increased steadily for the past five months to 183 for the month of March 2012. It is interesting to point out the number of days on the market for sold listings is 67 while homes which have not sold have been on the market an average of 183 days indicating properly priced homes are selling quickly and overpriced homes will remain on the market for some time.
Overall the US housing Market appears to be on the upswing as mentioned in an article by the Associated Press “WASHINGTON – Five years after the U.S. housing bust sent sales and prices plunging, the spring home-buying season is pointing to a long-awaited recovery.”
The biggest stumbling block for potential home buyers is fear of the US Economy. The interest rates are at the lowest in history, prices are at the lowest level and probably will not fall any lower, so what is keeping potential buyers out of the market — “fear of the US Economy” — and now that the anxiety level is beginning to wane we are seeing many buyers entering the market and “wanna-be” home sellers entering the market by placing their homes on the market. It appears that NOW IS THE TIME to get into the real estate market both for Buyers and Sellers.
Mark Prather stated in an article in the Cincinnati Press, “The biggest challenge that we’ve had over the past four years is fear — fear that the economy is collapsing, that property values are collapsing, that the world is coming to an end,” says Mark Prather, a broker at ERA Buy America Real Estate in La Palma, Calif. “The fear factor is all but gone.”
If you are a Buyer, or a Seller, now is the time to get into the real estate market!