April 2017 Market Reports
The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
New Listings were down 14.9 percent for single-family homes and 20.5 percent for townhouse-condo properties. Pending Sales increased 4.2 percent for single- family homes but decreased 7.6 percent for townhouse-condo properties.
The Median Sales Price was down 3.8 percent to $205,000 for single-family homes and 9.0 percent to $193,750 for townhouse-condo properties. Months Supply of Inventory decreased 26.6 percent for single-family units and 12.7 percent for townhouse-condo units.
Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.
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