So the numbers are in and have been crunched. What do the show? Here is a brief summary:
1. All Inventory is down 4% over 1St qtr 2016 numbers. What does that mean – we continue the seller’s market for the time being. Fewer homes to sell increases competition and raises housing costs.
2. New home inventory was up 15% over 1st Qtr 2016. So if you are in the market for a new home there are more options for you this year. Housing starts are expected to continue to rise as well.
3. Resale inventory is down 15% over 1st Qtr 2016 levels. This is why we are seeing multiple offer situations continue and above list/high due diligence money on offers. If you see something you like don’t hesitate as chances are pretty good someone else will like it too!
4. A Bright spot – Houses listed in the qtr were up 9% over 1st Qtr 2016 levels. So more people are beginning to list their homes. We finished the quarter with 9,834 listings.
5. 66% of all inventory went under contract in March. That is an increase of 2% over the same period last year.
6. Closed sales – up 11% over 1st Qtr 2016 levels. More homes are being sold which is good for the economy! March alone was up 16% over the prior March.
7. Average Days On Market = 47! This is based on all inventory.
8. What everyone wants to know – Price… Overall average closing price was up 5% and resale pricing up 3% . Overall avg. close price $286,000 and for resales alone avg. close price was $261,600 — So our pricing year over year was closer to historical norms on average. So if you owned at the beginning of last year congratulations you earned an average equity of approx. $14,000!
Is it time to sell? Interested in what your home might be worth – let me know and we can do a comparative market analysis for you.