Home Sales Activity and Prices Hold Steady Heading into The Fall
Home buyers have been very, very good to the Antelope real estate market in 2015. Through the first eight (8) months of the year, prices have jumped over 5%. As we enter the fall, the inventory of homes available in Antelope has risen (currently 109 homes/condos available in Antelope), but sales activity, as measured by homes in escrow waiting to close, is holding strong at 110. We will keep a close eye on both inventory and sales activity heading into the holidays, looking for signs that 2016 will give us another year of increasing home values.
Last year (2014) at this time the inventory of homes available grew and pending sales did not keep up – as a result home prices sagged. From May through October of last year, home prices in Antelope were held back because the pace of sales was not sufficient to give sellers pricing power. This year, the Antelope market is showing positive momentum that should, at the very least, hold prices steady.
Interest rates are always going to have an impact on the market, and so far this year the four percent +/- rates have kept home buyers shopping. The 1/2 of 1% drop in the annual MIP on FHA loans, which took effect in January has sure helped, as well.
Antelope Sales Activity for March
The Summer of 2015 – Good, but not Great for Antelope Home Values
Home prices in Antelope are certainly up from the beginning of the year, but with home values leveling off as get into the fall, it looks like 2015 is going to be a Good-but-not-Great year for overall home prices in Antelope. Having gone through the horrors of 2006 through 2009, that’s not such a bad thing. The fact is, history tells us years of double digit appreciation are rare, and they are usually followed by a painful period of market softness.
Sales of both single family homes and condos jumped, as buyers found good reasons to stay busy.
Antelope Foreclosure Activity – Down, but not Out
With home prices flattening out in the late summer, after a nice run up in value in the first seven months of 2015, it looks like some homeowners who had hoped to see prices move up enough to equal, or exceed their mortgage balance are surrendering. As a result, it is likely we will continue to see moderate levels of foreclosures and short sales through the end of 2015 and into 2016.