MARKET WATCH! In the month of October 2016 the Median Sale Price for single-family, detached homes is up 3.3% from October 2015 to $189,000 and the Average Sale Price has come up 2.7% to $218,532. The Absorption Rate (number of months it would take to sell the current housing inventory) has declined 21.6% to only four months (6-months is equilibrium) and the Average Days on the Market also is down to only 54 days which is 8.5% faster than this time last year. The overall inventory of detached homes has dropped significantly by 17.1% (GAAR)
What does all this tell us? Thanks to continuing low unemployment, inventory and mortgage rates–although rates went up right after the election–now really makes this the perfect time to either put your home on the market and/or buy a new one.
And what would be a better Thanksgiving gift?…[this is a rhetorical question]…REAL ESTATE!
Joking aside, the absolute best Thanksgiving gift is being surrounded by friends and family during this time of year, creating wonderful food and memories for many years to come. Don’t forget to spread the cranberry sauce…and the love!
The Sugar Team