For both condos and single-family homes in our market, sales and prices are up, but inventory is down. Here’s how you can take advantage of these conditions.
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Today I wanted to provide you with a market update by recapping some numbers from last December and 2016 as a whole.
Last month, there was a 2% increase in single-family home sales. Year-to-date, single-family home sales in 2016 were up 4.1% from the previous year. Home prices also increased 0.4% in December and 3.1% for the entire year. The median home price for 2016 ended at $210,937. The number of resale homes that sold in December rose 5.4% compared to December 2015.The one challenge we’re seeing is that inventory is way down, which is putting a strain on the number of sales. The good news there, though, is that it’s also driving up prices. For example, in May of last year, there were almost 5,600 houses on the market. In December, there were only 4,681.
Where is our market headed in 2017?
Condo sales rose 4.5% last month, and they rose 8.9% year-to-date for 2016. The median sales price for them also increased 10% last month, and 4.3% for the entire year in 2016. One the primary factors in causing that huge jump last month is the fact that inventory for condos is down 14.1%. As you see, just like with single-family homes, sales are up, prices are up, and inventory is down.
As for 2017, we’re currently seeing a lot of buyers jump into the marketplace as rates climb up. A lot of people who may have been waiting on the fence and biding their time are jumping off and jumping in. If you’re thinking about selling in the springtime, it might be a good idea to skip that and list your home now. Homes that are priced right and marketed correctly are moving very quickly. Not only that, but since inventory is so low, you’ll face less competition. If you have any questions or are thinking about buying or selling a home, feel free to give us a call or shoot us an email so we can help. We look forward to talking with you!
Click below for the detailed report:
