The numbers from the January 2017 real estate market are in. Today, I’ll explain what’s happening in our current market.
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Selling a home? Click here for a FREE Home Price Evaluation
Call us at (605) 413-4868 for a FREE home buying or selling consultation
How is our real estate market doing? Let’s take a look at the numbers from January 2017 to find out.
First of all, there are 860 homes on the market right now. That might sound like a lot of homes are for sale, but inventory is actually down 22% from January 2016. Buyers are having trouble finding what they are looking for and, if they do make an offer, they usually wind up in a multiple offer situation.
That said, the number of pending sales is up 4% from January 2016. That’s not a huge jump, but that combined with the low inventory is really putting a lot of tension on the homes that are available for sale.
The good news is that the median sales price has gone up. We ended last year with a median sales price of $172,000; this year, the median sales price is up to $185,000. That increase is a result of the supply and demand issue in our market, which causes prices to go up a little bit.
Another price range that is interesting is the $700,000 to $800,000 market. Typically, that price range is pretty low. However, the number of sales in that price range increased by 120% compared to January of 2016, which is great news for those homeowners.
First of all, there are 860 homes on the market right now. That might sound like a lot of homes are for sale, but inventory is actually down 22% from January 2016. Buyers are having trouble finding what they are looking for and, if they do make an offer, they usually wind up in a multiple offer situation.
That said, the number of pending sales is up 4% from January 2016. That’s not a huge jump, but that combined with the low inventory is really putting a lot of tension on the homes that are available for sale.
The good news is that the median sales price has gone up. We ended last year with a median sales price of $172,000; this year, the median sales price is up to $185,000. That increase is a result of the supply and demand issue in our market, which causes prices to go up a little bit.
Another price range that is interesting is the $700,000 to $800,000 market. Typically, that price range is pretty low. However, the number of sales in that price range increased by 120% compared to January of 2016, which is great news for those homeowners.
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Inventory is very low and buyer demand is high.
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Overall, now is a great time to put your home on the market. Prices are up, competition is scarce, and buyer demand is incredibly high.
If you have any other questions about our current real estate market or if you have any other questions about real estate in general, just give me a call or send me an email. I would be happy to help you!
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