Most people don’t know this, but the real estate market in Yuma is actually very healthy right now. For the last 2 years in a row, we have sold more homes than any previous year including 2006 during the peak of the market. We are currently on track to beat the 2006 number for the 3rd year in a row (1440 sold year-to-date through the end of August).
The other side of that statistic is the average sales price. We saw 4 straight years of big declines in our average sales price. But that ended when 2012 only saw a 1% decrease over 2011 prices. And so far this year in 2013 (through August), the sales price has actually come up 11% over last year. I will be interested to see how the year ends up.
So we are selling a lot of houses. Most of them small ones. Here is the breakdown of how many homes are selling for what price:
So 74% of all the homes that sold last year were under $150,000. Almost HALF were under $100,000! That’s pretty significant when you consider that the average sales price of all homes in Yuma was almost $200,000 just a few years ago.
Now, that graph above is 2012 numbers. Let me share one more thing I find interesting. Look at the same chart, but with year-to-date 2013 numbers:
Notice that the biggest change is in the $200k+ price range. I find that interesting, and here is why: They say the market rebounds from the bottom up. In order for the move-up buyer market to grow, the first-time buyer market has to pick up first. And for 2 years now, we have seen a very strong first-time buyer market. Even now, 71% of all the homes that sell in Yuma are under $150k.
What that says to me is that now is a great time to be a move-up buyer. If you have a house to sell for less than $150,000, that house is on demand. 3 our of 4 buyers is looking for a house in that price range, so there is a good chance you can get it sold for a good price. And the bigger house you want to buy is still on sale. Homes in that range are starting to move, but there is far less competition.