We’ve seen a lot of changes to our market in just one year. Inventory is down, sale prices are up, and interest rates remain low.
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This September has been a hot month in terms of temperature. It has also been a hot month for our real estate market. We’ve got an update for you today that compares where we were at last September compared to where we are right now. We’ve seen a lot of encouraging signs in just a year.
At the end of August 2015, there were about 6,100 listings. At the end of August 2016, there are only about 5,000. Drops in inventory creates higher demand and low sales.
Our inventory at the end of August 2015 was almost five months. Right now, our inventory is down to 3.5 months. Homes are selling a lot faster than they did last year. Here are a few more interesting statistics we thought we would point out:
- The average sale price increased from $200,000 in August 2015 to $207,000 in August 2016.
- The average consecutive days on market has dropped from 75 days a year ago to 61 days today.
- The number of sold homes has gone from 1,586 last August to 1,670 this August.
In addition to these numbers, we keep hearing that interest rates will go up. So far, they haven’t. They have actually dropped to 3.5%. It’s a great time to lock in a great rate on a home purchase.
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Interest rates still haven’t gone up either.
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I’ll leave you with my quote of the month. This one comes from Roger Staubach: “Confidence is the result of hours, days, weeks, and years of hard work and education.” A great quote from a great quarterback.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.
