The number of homes entering the market in Apple Valley peaked in 2006 and has been falling quickly since then and has begun to level off in 2011.
With fewer homes entering the market there will be less competition among homeowners in Apple Valley resulting in a shortage of Homes for Sale and rising Home Prices.
Home Sales & Housing Inventory
The number of homes for sale in Apple Valley (Housing Inventory) increased steadily in 2006, leveled off a little and increased more in 2007 and remained high over 2008 and has been coming down and really started to fall in 2010. However, Inventory was manipulated by the Homebuyer Tax Credit for a period of time, but resumed it’s nature decent since then.
If Housing Inventory continues to fall this may result in fewer Home Sales, which isn’t necessarily a bad thing since fewer homes for sale will push Home Prices up.
Pending Home Sales and Closed Home Sales follow each other pretty closely in most cases. Closed Sales are usually a month or two behind Pending Home Sales. Home Sales have been rising steadily since mid 2011 and appear to still be rising.
Homes for Sale
Days on the Market
The number of Days on the Market for Apple Valley Homes reached a peak in 2009 at nearly 150 days and reached another peak of nearly 140 days in 2011. Currently Days on the Market is declining as homeowners react more quickly to declining Housing Inventory.
Our next chart clues us in to what Market Conditions are in Apple Valley and who it favors.
- Buyer’s Market = More than 7 Months of Inventory
- Balanced Market = 5 – 7 Months of Inventory
- Seller’s Market = Less than 5 Months of Inventory
The Absorption Rate is trending down at 3.9 Months of Inventory, which is considered a Seller’s Market.
Expectations indicate this trend line is going to continue to decline.
Median List Price and Median Sale Price typically follow similar patterns, so there isn’t much that it can tell us other than how close to List Price homes are selling for.
So far the Median Sale Price in Apple Valley has depreciated 15% since 2002, 32% since 2006 and has appreciated 5% since 2011.
With fewer Homes for Sale in Apple Valley the Median Sale Price should continue to increase as Housing Inventory becomes a premium.
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