The January 2017 Market Report shows the number of new listings has gone down slightly. This is typical for this time of year. Most people do not want to move immediately following the holidays. February, March and April should see an increase in the number of listings. Listing prices have remained consistent over the last several months.
Absorption Rate
Currently our market has a little less than 3 months of inventory(absorption rate). This definitely indicates a sellers market and we are seeing less and less sellers offering concessions to prospective buyers. The average days on market has increased slightly which coincides with the time of year. There are fewer work days in December and January with the holidays so it tends to back everyone up a few days.
Sold Listings
Sold listings have increased significantly since that of a year ago. There were 851 more homes sold in January of this year than that of 2016. The average sales price is also up to $283,766 which is about a $13,000 increase since last year.
City Statistics
Many cities have seen an above normal boost in sales. Numerous down payment assistance programs have driven these sales. These programs are often times city specific for qualifying, which justifies the above average increase. These programs have a limited amount of funds. The good news is there is up to $20,000 available in assistance for a home purchase. For that reason please have any prospective homebuyers you may know contact us today. We can get them in touch with the right folks to get those funds reserved for them.
Thank you for checking out our monthly real estate market report! Please call us with any questions, we are here to assist and educate you on local home sales. We also have lots of information in our blog section for your enjoyment so please take a look at those.
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