There are four main statistical numbers that we track to understand what the market is doing. Today we’re looking at those numbers from March 2016 to March 2017.
1.) The first is the median increase in sales price. In the last 12 months we’ve seen a 7.6% median increase in sales price across all property types in the entire metro area.
2.) The second number, the median days on market, is decreasing. In fact, we’ve seen the median days on market go down by 16% compared to last year.
3.) The next number is the month’s supply of inventory, which is a measurement of how many months it would take to sell all the inventory currently on the market if no new properties were added, is very helpful in determining if we are in a seller’s, buyer’s, or balanced market. We’ve actually seen a decrease in the months supply of inventory of 16% in the last year and have been hovering in a firm seller’s market.
4.) That brings me to the final number to look at, the number of properties for sale. There are more than 6,000 fewer properties for sale than this time last year, which means competition is increasing. So what does that mean for you? More competition is great news for sellers because houses are selling faster and for more money. On the buyer’s side, interest rates are still low, so you still have a good amount of purchasing power.
If you or anyone you know is looking to buy, sell, or invest in real estate, please feel free to give me a call or send me an email. I’m happy to help and look forward to hearing from you!