Market Update: January 2018
With January now behind us, we have a better idea of what's ahead in real estate for 2018. It looks like the market will continue to favor sellers with a decrease in inventory available to buyers.
You can see that in 2017 the number of homes for sale was down 8.4% from the previous year. This year, the amount of homes on the market has decreased by almost 10%. This continuous decline means that inventory remains tight and is an advantage for sellers.
With a drop in the number of available homes in January, sale prices continue to rise. The average sales price was up nearly 5% vs. 2017 (which was up 3.4% from the previous year).
Buyers, be prepared to pay list price and possibly even higher. Less inventory on the market means that homes are being sold at a premium. With the spring market emerging, be sure to be decisive and move quickly on homes of interest. In addition, if you're thinking about selling your home, now's a great time to contact me to discuss your options. Don't miss out on the optimal seller's market!