The real estate market is looking lively. Let’s see what this means for you.
We are diving deep into the numbers today. The statistics are in for the third quarter of this year, and we’re going to compare them to the numbers we saw at the same time last year.
In the 3rd quarter of 2015, we saw 16,023 homes listed on the market. This year, we saw 16,606 homes listed in the same time frame. That’s an increase of nearly 4%, which hasn’t happened in a while.
As for home sales, the 3rd quarter of 2015 saw 12,661 homes sell. This year, that number was 12,156. This is about a 4% decrease. Inventory is going up and sales are going down. I think this is something we really need to keep an eye on because it may be an indication that things are starting to change in our market.
The next thing we want to focus on is the days on market. We saw a huge 38% drop from 2015 to 2016. In the 3rd quarter of 2015, the average days on market was 24. At the end of the 3rd quarter this year, that number was at 15. I didn’t think homes could sell any faster than they did last year, but I was wrong. Homes that are priced right and in good condition are selling within weeks and sometimes even within days.
Finally, let’s talk about home appreciation. At the end of the 3rd quarter in 2015, our median home price was $230,000. This year, that number is at $250,000. This 8.7% increase is even more good news for sellers.
We are seeing fantastic conditions for sellers right now, but how long is it going to last? No one knows for sure. What we do know, however, is that increased appreciation and such few days on market is a great recipe for seller success.
If you have any questions for me or if you’re thinking about buying or selling a home, give me a call or send me an email. I look forward to hearing from you!