What is happening in our local real estate market right now? We’ll go over a few important things that you need to know.
What is happening in our current real estate market?
First of all, demand is through the roof these days. Why? Since the market bottomed out in 2011, we’ve had about six and a half years of recovery, so the people who went through short sales or foreclosures are now able to purchase again. In addition to these “boomerang buyers,” there are also many first-time and relocation buyers in the market.
Residential inventory is down 15.3% compared to this time in 2016, and closings are up 13.4%. At the end of February, the absorption rate was at 3.7 months, a significant drop from the five months of inventory we had in February of 2016.
The median home price is up 17.9% from $200,000 to $235,000. New construction sales are also on the rise; 47 homes sold this year compared to 36 last year, which is an increase of over 30%.
“The average sales price is up and demand is sky-high.”
As for residential home sales, there were 228 in February. The average sales price is up to $260,000 and homes are spending an average of 123 days on market.
What does this mean for you? Now is a great time to get your home on the market. If you have any questions for us, please don’t hesitate to give us a call or send us an email. We would be happy to help you!