Home Values Rise in Antelope as Inventory Drops
Thanks in large part to a drop in the number of homes available for sale, home prices in Antelope continued to move up in March. The number of homes available for sale dropped to 60, the lowest level in nearly six months. At the same time, the number of homes in Pending Sale, waiting to close escrow, rose to 95.
We watch the balance between homes in pending status for sale and homes available for sale closely (see the chart below), as that ratio sends a clear signal on what kind of pricing power seller have. With the ratio for March climbing above 150%, Antelope has less than a 20 day supply of available housing. Heading into the spring buying season, it would appear likely that Antelope home prices are heading north.
Condo Sales in Antelope Jump Also
It wasn’t just single family homes sales in Antelope that showed increasing strength, condo sales and condo values fared well also. Twelve condos closed escrow in Antelope in February, and there are seven condominium units in pending sale heading into March. With only four condo units available for sale, it would appear likely that condo prices will continue to move up. See below for a chart showing the increase in condo values in Antelope over the last twelve months.
Antelope Foreclosure Filing Drop
A sign that we are in the final stages of pulling out of the mortgage mess that caused home values in Antelope to plummet, the chart below shows that foreclosure filings for Antelope dropped to the lowest levels since 2006. There are still some rough spots to work through, driven in large part by nearly 25% of Antelope homeowners suffering in a negative equity position.
With property values rising and foreclosure filings falling, the Antelope housing market is headed to a better place.