We can learn a lot from 2016’s number. Let’s see how 2017 looks for the housing market.
How did our market do in 2016? What can you expect from the 2017 market?
To get a sense of how the market did overall last year, I wanted to compare some key statistics from the year before. Here’s what happened between 2015 and 2016:
• The average days on market dropped 45% from 53 days to 29 days.
• The number of homes sold rose by 1.7% from 8,400 to 8,550.
• The median sale price increased by 6.9%.
All in all, it was a great year for real estate. What about 2017?
This year, I believe the average days on market will gradually creep back up. I don’t foresee a significant increase, but I do think homes will stay on the market slightly longer than they did in the recent past. Sales, on the other hand, should remain fairly steady and may even drop slightly due to the predicted rise in interest rates and how that will remove a portion of buyers from the market. Overall, though, I predict that we’ll still see some appreciation of between 4% and 7%.
The market is looking strong for 2017, so if you have any real estate needs at all, please don’t hesitate to reach out to me or anyone on my team. We look forward to helping you and we hope you have a great year!