Summit Valuations, LLC, a full service valuation company, announced today the release of its latest Residential Real Estate Market Overview, this time using information collected during April 2016, the most current available industry data. The report includes analysis from Summit’s Chief Valuation Officer, Mark Melikian, author of the report. Here’s what the research revealed:
“This data shows that we are currently experiencing an increase in both number of homes sold and sales prices, as we would expect for the spring/summer buying season,” Melikian said. “The data is consistent with my observation that a home in top condition with a reasonable list price will sell relatively quickly and near its list price, regardless of whether the overall market is trending up, down or is stable.”
Melikian pointed out that the industry has long considered the spring buying season to be the best time to sell a home, but added that his experience indicates that homes sell equally well in any season, if the home is a good value. There are both advantages (better curb appeal with landscaping, consumer mobility when school is out) and disadvantages (more inventory leading to potentially lower prices) to selling a home in the summer, just as there are for any season.
In April, the month’s supply of housing, the federal unemployment rate and mortgage rates all decreased, on a year-over-year basis. Meanwhile, the median sales price, the seasonally adjusted annual number of homes sold and the pending home sales index all increased. The direction of the statistics from April mirror those from March, suggesting a coming increase in the number of homes sold over the next 30 to 60 days.
On a regional level the South had the highest number of existing home sales and the West had the highest median price. The Midwest experienced the largest percentage increases in both sales and median sales price, month-over-month.
Summit’s report provides data made public by the U.S. Government, the National Association of Realtors and Freddie Mac.
Melikian has been appraising real estate since 1987 and has been active in nationwide valuation services since 2005. He has successfully led teams of analysts, developed valuation services to meet client needs and represented buyers and sellers in secondary market loan tie out meetings. Much of his recent experience has focused on forensic reviews of REO properties for Fannie Mae and Freddie Mac. Mr. Melikian holds a B.S. in Business Administration from San Diego State University.