How did the 2016 real estate market do? What can you expect from the 2017 market?

Today, I’ll go over a quick recap of the 2016 real estate market, as well as a 2017 real estate market update.

In 2016, listings were up 8% from 2015. Interestingly, the number of listings decreased by more than 4%. What does that mean? Inventory is shrinking and prices are going up.

In fact, the average sales price went up by 3.6% to just over $231,000, and the average days on the market went from 75 days in 2015 to 68 days in 2016.

Now is a great time to be in the real estate market.

What does that mean for the 2017 real estate market?

If you’ve been thinking about selling your home, now is the time to get on the market. Interest rates went up last year and they are expected to go up a few more times in 2017, so get on the market while rates are still low and buyer demand is still high.

As a buyer, you might want to jump into the market before rates go up and your buying power goes down.

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