A Retrospective on Our 2017 Market

    Now that the new year is upon us, I’d like to take a moment to review our 2017 market.

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    Now that 2017 is behind us, I’d like to go over a quick review of the year.

    There are a few statistics I’d like to focus on, specifically. The first is the median number of days homes spent on the market in 2017.

    Compared to 2016, the number of days homes spent on the market was virtually unchanged in 2017. At the end of the year, the median days on market was 18. This is still a historic low for that statistic.

    Another statistic that remained nearly identical to what we saw in 2016 was the number of homes sold. In 2017, a total of 45,630 homes were sold.

    As for the number of new listings that came on the market, there were 61,102 in 2017. This number is up approximately 1% from what we saw in 2016.

    Appreciation is likely going to see a slowdown in 2018.

    Median sales price, though, saw considerably more change. This statistic was up from 2016 by more than 8% in 2017. In 2017, the median sales price at the end of the year was $267,970.

    We also had another phenomenal year in terms of appreciation. 2017 outpaced the previous two years. But as far as 2018 goes, I anticipate that we’ll see a slowdown in this area.

    One statistic we saw in 2017 that I found particularly interesting was the median asking price. At the end of the year, the median asking price was $294,000. This is up nearly 11% from 2016. In other words, there was a big difference in 2017 between what sellers were asking for and what homes were actually selling for.

    If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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