2016 set a new record for the best ever sales activity in our region! At the end of the year we saw a huge increase in the number of houses that were selling compared to the number of new listings that were coming on the market. Basically a mini surge. Most likely fueled by the increase in interest rates. Buyers wanted to get into a home before interest rates were raised. The good news for buyers is that interest rates are still historically low. Which means they can get into a home at good rate and stop renting. On the flip side, the good news for sellers is that there is a backlog of well qualified buyers just waiting to get into a home. Sellers are still getting multiple offers on their property if they are priced correctly. Ending 2016 and rolling into January 2017 here are some things that stood out to me:
- 1 month of inventory
- Interest rates at 4.05%
- 68% more homes were sold than were listed in December
- Backlog of buyers is creating a severe shortage of homes for sale in the more affordable price ranges
We will continue to see more listings come onto the market as we get closer to February. This will be just in time for the spring housing market rush. Check out the infographic below for more information. If you want this information for any other county just let me know!!!