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What’s Happening in Our Local Real Estate Market?
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Today, I’ll cover three things that you need to know about our current real estate market: price appreciation, pending sales, and inventory.
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There are three main things happening in our real estate market that I want to focus on today: price appreciation, pending home sales, and our inventory levels.
However, I want to point out that in 2016, 15,616 houses sold every single day. That number is going up this year! Homes are selling at a faster clip than they have in years.
Now, home prices are up across all price points. Lower priced homes appreciated by 10%, lower-to-middle priced homes appreciated by 8.3%, middle to moderately priced homes appreciated by 7.3%, and higher priced homes appreciated by 5.5%. Homes in higher price points won’t see as much appreciation as others because once you cross the $500,000 mark, there is more inventory and less demand.
Pending home sales are the leading indicator of future performance. According to CoreLogic, last month’s index reading is 2.6% above last year’s. The number of pending sales is the highest it’s been since last April, and the second highest since May of 2006, when we were at the peak of the market.
Inventory levels are frighteningly low.
The most troubling factor in our current market is the low inventory. According to Jonathan Smoke, the chief economist at Realtor.com, the biggest challenge for buyers this spring will be finding homes.
My team and I can vouch for that; there is no inventory out there. Our nine buyer’s agents have to go knocking on doors to see if anyone is interested in selling their house. Even as inventory drops, demand keeps getting stronger and stronger. Check out the video to see one of the scariest home inventory charts that I’ve seen in awhile.
While those are the three main factors to pay attention to in our current market, I did want to quickly mention interest rates. Rates are creeping back up again and recently leveled off around 4.5%. It is yet to be determined how those rising rates will impact the market.
If you have any questions about our current market or if you are even thinking of selling your home, give us a call or send us an email. My team and I would be happy to help you!
If you have any questions about our current market or if you are even thinking of selling your home, give us a call or send us an email. My team and I would be happy to help you!
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