Another great month is on the books for our real estate market. According to the statistics, now is a great time to be both a buyer and a seller.
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The numbers are in for February 2017, and it was another great month for our market. Today I want to compare last month’s statistics with those from February 2016 to get a broader sense of where things stand.
We sold almost 1,100 homes this February, which is about the same amount we sold in February 2016. From February 2016 to February 2017, our average sale price rose from $172,000 to $190,000. Our average days on market dropped from 93 days in February 2016 to 76 days in February 2017.
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February was another great month for our market.
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During that same time, our absorption rate (or however many months it would take to sell off our current inventory) dropped from 3.3 months to 2.45 months. Our number of active listings also dropped from 4,600 in February 2016 to 3,600 in February 2017.
That last statistic is important to note because that drop in active listings is what’s driving the market as far as pricing goes. There is a lot of demand and not a lot of inventory, which makes now a great time to sell your house.
Interest rates have also gone up a little bit. Last February, they were in the 3.5% range. This February, they were closer to 4%. This increase is something we’ve been anticipating, and rates may continue to rise as the year progresses. This makes now not only a great time to sell, but also to buy.
Now that the statistics are out of the way, it’s time for my quote of the day:
“Press on. Nothing in the world can take the place of persistence.”
That’s from Ray Kroc, one of the co-founders of McDonald’s.
Our office is growing, so if you know any agents that would be interested in joining our team, please don’t hesitate to refer them to us. If you have any questions about our market or are looking to buy or sell a home, feel free to give me a call or shoot me an email. I look forward to hearing from you!
