The trend lines for sales are text book in the past two years. Sales start to take off in February and March. They usually peak out by June and July and slowing drift downward, usually with a second push in October. The thinking is that kids are back in school and on a regular schedule. Then sales trend downward until winter and the end of the year. This is the home sales cycle.
Currently there are about 500 homes for sale in Pike. Before 2007 there were always about 1000 homes for sale in Pike during the summer months. Not anymore. My theory is that during the years when interest rates were in the 3’s, a lot of home owners refinanced their homes and at the same time took all the equity out of their homes. Now they can’t afford to sale their homes without bringing money to the closing table.
Inventories being low and the demand being strong creates higher prices. Last year the average dollar per square foot of house was $65 in Pike. This year so far it is $76. The best houses in pike go quickly and at strong prices.
This time last year there were 788 houses sold in Pike. This year so far there are 734 houses sold. We are down about 7 percent. Last year there were a total of 1112 houses sold. This year my estimate is about 1000 houses sold. Although this is weaker than last year, it is strong compared to 968 in 2012, 849 in 2011 and 879 in 2010.