How does this year’s January market compare to what we saw in 2017? Today I will go over a few statistics.
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The first month of 2018 is already behind us, so today I will be going over a market recap for what we saw this January. I would also like to take a look back at our January 2017 market.
Thanks to all of you, 2017 was my company’s greatest year. I want to express from the bottom of my heart how much I truly appreciate all of your support, referrals, and business.
This year is already off to a great start. Inventory is still really low, with under 3,000 homes on the market as we speak. The average number homes on the market for this January was 3,472. In January of 2017, the average number of homes on the market was close to 4,000
As for absorption rate, we saw 2.28 months this January compared to 2.66 months in 2017.
The average sales price for January 2018 was $217,000, up from last year’s $195,000. This shortage of inventory is really causing prices to rise, which means it’s a great time to put your home on the market.
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Thanks to all of you, 2017 was my company’s greatest year.
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Homes this January spent an average of 64 days on the market, which is 10 days fewer than the average days on market last January.
The number of homes sold in January is relatively similar between 2017 and 2018, with 983 homes sold this year and 986 sold in 2017.
Also, interest rates are finally beginning to rise. They currently are sitting at about 4.115% with an APR of about 4.2%. The statistics for our rates have been provided by Statewide Mortgage, who I highly recommend for any of your real estate needs.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
