December 2016
Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
New Listings were up 1.4 percent to 889. Pending Sales increased 17.8 percent to 859. Inventory grew 6.0 percent to 4,231 units, the eleventh consecutive month of year-over-year gains.
Prices moved higher as Median Sales Price was up 5.1 percent to $155,000. Days on Market decreased 14.6 percent to 82 days. Months Supply of Inventory was down 4.7 percent to 4.1 months, the eleventh consecutive month of year-over-year declines.
The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent people prepared to put in the necessary amount of work.
Information courtesy of CMLS*
