MARANA — In areas across the country, bidding wars are back. A recent Los Angeles Times article reports many housing markets have become much more competitive among would-be buyers.
Record-low mortgage rates and historic affordability are enticing buyers to take advantage of a perfect storm of market conditions. Fewer houses are also on the market, as homeowners who are underwater on their mortgages weigh their options; so far this year the National Association of REALTORS® (NAR) housing data has shown inventory levels consistently lower than the previous year.
While tight credit continues to thwart many who would try to take advantage of favorable market conditions, buyers who qualify are clearly motivated.
Locally, the Multiple Listing Service (MLS) statistics for the month of June indicate a 37.59 percent decrease in active listings compared to June 2011, while year to date; units sold are up 9.86 percent. The median sales price stayed at $140,000 for the second month in a row and the average days on market is down 13.92 percent when compared to June, 2011.
The MLS statistics for Marana indicate a decrease of 30.89 percent in active listings and a 42.49 percent increase in the number of units sold when compared to June of 2011. The number of new listings rose slightly from May to June by 2.09 percent.For the complete article see the 08-01-2012 issue.
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