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Today, I’m here with a market update for the first quarter of 2016. Depending on who you talk to, you might have heard that the market is on fire. In our area, that depends on your price point.
If you compare the first quarter of 2015 to the first quarter this year, the number of homes sold is almost identical. In 2016, we have only sold 45 more homes than last year. Month by month, the number of sales has been very similar.
Homes are selling faster in some price points than in others. For example, homes under $300,000 are selling extremely quickly. If you’re a buyer in that price point, you don’t have a lot of time to think about what you’re looking for. If you see something you like, you have to move quickly, which is good news for sellers.
As the prices rise, homes are staying on the market a little longer and there’s more inventory to choose from. Homes priced between $300,000 and $500,000 are in a stable market. Anything over $500,000 and $750,000 is definitely taking longer to sell. If you’re selling in those price ranges, your homes needs to be show-ready and you should take care of all repairs now.
If you compare the first quarter of 2015 to the first quarter this year, the number of homes sold is almost identical. In 2016, we have only sold 45 more homes than last year. Month by month, the number of sales has been very similar.
Homes are selling faster in some price points than in others. For example, homes under $300,000 are selling extremely quickly. If you’re a buyer in that price point, you don’t have a lot of time to think about what you’re looking for. If you see something you like, you have to move quickly, which is good news for sellers.
As the prices rise, homes are staying on the market a little longer and there’s more inventory to choose from. Homes priced between $300,000 and $500,000 are in a stable market. Anything over $500,000 and $750,000 is definitely taking longer to sell. If you’re selling in those price ranges, your homes needs to be show-ready and you should take care of all repairs now.
No matter what your specific situation is, we can help. If you have any questions, just give us a call or send us an email. We look forward to hearing from you!
