Welcome to Ewen Real Estate Teams March 2017 Market Report
The March 2017 Market Report shows the median list price for the new listings in March rose up to $320,000. This is a $10,000 increase from that of a month ago. Sellers are getting optimistic about the price of the homes. The median sale price still remains at $230,000 so the prices are still being adjusted by the offers or the appraisal.
Absorption Rate
The months of inventory of homes for sale still remains right around three months. This indicates a sellers market so try to be as competitive as possible on any offers you make to purchase a home. There are still great deals out there, you just have to work harder and longer to find them.
Days on the Market
The average days on market has dropped from 81 to 76 days thus cutting almost a week of the closing process. This is normal for the time of year and thus readjusting after the lack of business days during December and January with the holidays.
Sold Listings
There were a total of 9,367 homes that sold during March 2017 Market Report. This is a 11.2 percent increase over the same period a year ago.
1,637 of the homes sold between $0-160,000.
3,710 of the homes sold between $160,000-250,000.
2,600 of the homes sold between $250,000-400,000.
1,420 of the homes sold above $400,000.
City Sales
Heres a look at how many homes are active and sold in the different cities throughout the Valley during the March 2017 Market Report period. New Listings in these cities have risen by 1,500 since last month. This is good news for prospective home buyers. The inventory did increase slightly in these areas thus creating more options and chances at a home purchase.
Hopefully over the next couple of months we will see more new listings available to help accommodate the demand. Pool homes undoubtedly will be going in hyper demand during the spring and summer months. You need to plan ahead for that and be prepared for competition on those offers.
As always please contact us with any questions or comments, we love to hear from everyone.
Have a great day!
