The attached article from Inman News reports good National real estate activity and news. We often hear, and I agree, that all areas are different in Real Estate. Pricing and sales stats from Arizona or Florida have no bearing on what to expect in the Gig Harbor and Key Peninsula area real estate market. National sales stats should be considered as information only, or a guide to the overall confidence and condition of the national housing economy. But, you ask, do these reports affect your neighborhood market? Although limited, yes they do. When the national reports show strengthening markets this increases consumer confidence this improves market activity and sales. Unfortunately, the opposite can also be said when the reports are not so promising. Now, while the Gig Harbor/Key Peninsula market for January closed sales was anything but rosy (see my earlier post), nationally we witnessed the third increase in four months of closed sales. This helped reduce the number of active listings which, in turn, lowered the national absorption rate to just over six months of inventory. This reduction brings us closer to what economists consider a balanced national market, or “a good balance between supply and demand”. This balanced market favors buyers and sellers equally and brings stability to home pricing. This is good news as we near the spring of 2012. Click here to see the entire article.
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