It’s hard to believe that it’s already April and Spring seems like its already upon us! Now if we can just get some much-needed moisture!
So far it has been a relatively busy 1st Quarter for real estate activity here in the Heber/Overgaard area. There has been a total of 48 home sales, which is slightly less from 1st Quarter 2017, in which we had 52 home sales. This difference can be contributed in part to the current shortage of inventory in which many markets across the nation are experiencing.
According to the National Association of Realtors chief economist, Lawrence Yun, the January 2018 national home sales declined 4.8% over a year ago because of this inventory shortage. This was the largest decline since August 2014 at 5.5%. This has led to stronger buyer traffic, which is what we are currently experiencing here in Heber/Overgaard.
The good news for sellers is that strong buyer demand seems to be driving the prices a bit in this area. Our 1st quarter 2018 average sales price is up 17.8% compared to 1st quarter last year. Additionally, many sellers are experiencing less days on the market and some may be finding themselves with multiple offers on the table! Given that Heber/Overgaard is a second home market, it is not common place to be in a multiple offer situation.
Currently in Heber/Overgaard there are 123 homes listed for sale. That equates to about a 4.15 months’ inventory, which according to the National Association of Realtors, is indicative of a healthy market. Prior to experiencing an inventory shortage, our inventory would run well over 200 homes on the market. Historically this number will increase a bit as we hit April and May. Some sellers will wait until winter is over to un-winterize and list their properties, so we should start to see some of those homes hit the market in the coming months.
So far, 2018 is shaping up to be a good year here in Rim Country. The graph below shows that we have experienced a slow and steady increase over the past 5 years. Given that this is primarily a second home market, we will never see increases that occur in primary home markets such as Phoenix and Tucson.
While this may be great news for sellers, buyers are running into difficulty finding properties that fit their needs and parameters. Over 40% of sales in Heber/Overgaard occur in the $200,000 and under price range- that means those types of properties move the quickest. The best advice for buyers is if you see something you like- don’t wait!
If you’ve been considering buying or selling, please contact one of our Dominion Group Properties’ Real Estate Professionals at 928.468.3232 or visit us at our Bison Ranch office in Overgaard. We’d be happy to assist you! Learn more about us at www.dgp-az.com. We at Dominion Group Properties are Your Rim Country Real Estate Professionals!
References: National Association of Realtors®, White Mountain Association of Realtors® MLS