Mesa Market Mojo Report May 2014

LACK OF HOMES FOR SALE

Over the years we average 20 to 25 homes available for sale each month in the Mesa area. This month we are down to 10 homes for sale – a very low number.  We had 6 sales in April compared to 8 last year.  It is the reduction in inventory which is the primary culprit in keeping the sales down.  We can’t sell homes if we don’t have homes on the market.

There are so few sales that it is impossible to draw an accurate conclusion about the amount of appreciation, but it looks like it is running about 10 percent.  This is in keeping with a nationwide phenomenon.  Prices are up, but appreciation is at a slower pace than last year.

Sellers have a clear advantage in a market like this. The shortage of inventory assures home sellers that there are many buyers ready to look at and bid on their property.  Check out this month’s sold properties.

I expect the market to be constrained so long as the inventory remains low.  In the April South Coast market we had 99 sales compared to 123 last year, a 20 percent decline.  New listings fell slightly and pending sales were down by 16 percent.  The total number of houses for sale rose slightly to 323, up 10 percent from 295 last month.

This is a wonderful time to consider putting your home on the market.  If you would like a confidential meeting to discuss your real estate needs you can reach me at (805) 451-9300 or e-mail to scott@ScottWilliams.com.

Avoiding  a $150,000 Mistake

This month there is an off market Mesa sale for $800,000. I don’t know the circumstances, but it probably sold for 20 percent under fair market value.

What a waste!  I believe the seller left over $150,000 on the table. If someone pops up and says, “I’ll buy your home,” get me over to the house to determine how much your place is actually worth.  Don’t make a $150,000 mistake!

If you are thinking of selling, remember, creative marketing, extensive advertising and hard work continue to get the best results in our market.  I have developed a great network of strong Realtors across the U.S.  If you need real estate assistance outside our area, I can help you find an experienced agent!

Call (805) 451-9300, or email scott@scottwilliams.com.  All calls will be confidential.

Client Talk

“I was very impressed with the amount of time spent on marketing, preparing my father’s house for sale and the actual escrow itself. I couldn’t have done this without all of the attention to detail on your part.”
–  Michele Cyr

“Scott’s services during the sale of my house have been excellent, in terms of pricing our house, home staging, marketing and working with the buyer. I highly recommend Scott.”
– Jean Pierre and Nancy Abtey