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How Is the Real Estate Market Doing This Year?

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We’re out and about all the time, and it seems like everyone is talking about real estate. The most common question is, “How is the market?” The May numbers are out, so we’re going to discuss the numbers this year versus the numbers from 2015.

In May 2016, there were 1,110 houses sold, versus 1,033 houses sold in 2015, which is a 7.5% increase. You might remember in 2015 that we were up from the number of houses sold in 2014, so that nice upward trend has continued. Year-to-date, we’re up over 10% for the number of houses sold, making now a great time to be a home seller.

In May 2016, the average sales price in our market was $219,000, which is up quite a bit from $208,00 back in 2015. That’s a 4.5% increase. Not only that, the average price per square foot this May was $113 versus $109 in 2015, which is a 3.7% increase. That is a pretty good indicator of actual price appreciation for homes in our market.

Finally, the number of houses for sale in May 2016 was 5,816, and in May of 2015 there were 6,610 homes for sale. We’re down by 12%, which is good news for sellers. You will have less competition on the market and your home will sell for more money.

If you’re a buyer in this market, it’s still a great time to lock in low interest rates before home values go up more.

If you have any questions, give us a call or send us an email. We would be happy to help you!