What Happened in the January 2017 Real Estate Market?

How does the January 2017 real estate market compare to the January 2016 market? We’ll go over the latest numbers today. 

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The numbers are in for January 2017, so we thought we would compare them to the market stats from January of 2016. 

So far, 2017 is off to a great start. As you know, 2016 was the best year we ever had thanks to you. Now, how is the market doing? 

This January, there were 972 home sales; in January of 2016, there were 949 home sales. The average sales price went up as well, jumping from $188,000 in 2016 to $197,000. The average days on market dropped from 92 days in 2016 to 74 days in January of 2017.

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2017 is off to a fantastic start!

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If we look at the absorption rate, which is the number of months it would take to sell all of our current inventory, you’ll see that inventory dropped from 3.51 months in January of 2016 to 2.6 months this January. 

The number of active listings also dropped, from 4,800 last January to 3,800 this January. That means there aren’t as many homes coming on the market. Since inventory is already low, now is a great time to sell your home. 

Of course, everyone is talking about interest rates. According to Statewide Mortgage, our preferred lender, this January the average interest rate was at 3.75% with a 4.7% APR. In January of 2016, interest rates were at 3.65% with a 4.7% APR. 

As you can see, 2017 is off to a great start. Before I go, I’d like to share the quote of the day:  

“Teamwork makes the dream work.” 

I’m not sure who originally said that, but one of my employees, Tracy, shared that one with me. Thanks, Tracy! 

If you have any other questions about our current real estate market, give me a call or send me an email. I would be happy to help you!