Real Estate in 2013: Year in Review
As a member of the real estate industry for more than 30 years, I’ve never seen the market bounce back as well as it did in 2013. It was a great year for the real estate industry including agents, sellers and buyers.
One of the best indicators for housing is new construction, and it took a huge leap in 2013. Purchases of new homes surged towards the end of the year. In October, sales jumped 25.4% to an annualized pace of 444,000 nationally. This was the biggest increase in new homes sales in more than 30 years.
In addition, the average sales price of new construction currently stands at $287,000, up $30,000 from last year.
Sellers also took advantage of a great year in housing. Home values were up in 88% of markets in the third quarter of 2013. Georgia saw a 14.2% increase in home prices in 2013, the third highest in the nation. Twenty-three states are within 10 percent of their 2006 home price peaks.
It’s also important that while we are seeing significant growth in the housing sector, we are also seeing a decline in some of the uglier sides of the real estate market that led to the housing downfall. Foreclosures dropped by 39% in September over the previous year, marking the largest annual decline since 2007.
Finally, luxury homebuyers reentered the market in 2013. In fact, the amount of million dollar closings are at a record high, exceeding the previous record set in 2006.
One thing is for sure: We need more homes on the market. If you’ve been thinking about moving to a new home, but are unsure whether your current home has increased in value, I assure you it has. Talk to one of our sales associates, and they’ll provide a market analysis of the homes in your area and give you an idea of what your home is worth.
We’re going to be making some exciting announcements this year, so be sure to stay tuned to this blog and our website at http://www.metrobrokers.com. Together, we can make 2014 the best year for the real estate industry.