Real Estate Advisor-June '17 Market Report ~courtesy of Land Title Guarantee Co.
Market Analysis: % Change Year over Year, 2016 vs. 2017: Monetary volume ($126,580,300) in May 2017 was 10% higher than May 2016. Transactions (197) were flat to May 2016. YTD 2017, monetary volume is up by 25%, and transactions are up 11% compared to YTD 2016.
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single Family: +22%;
- Multi-Family: +13%;
- and Vacant Land: +2%.
Median Indicators for $:
- Single Family: +31%,
- Multi-Family: +11%
- and Vacant Land: -3%.
Luxury Market Surges to New Highs:
- YTD 2017, 127 properties sold for $1M and over.
- YTD 2016: 88 properties sold at $1M and over.
- YTD 2015: 55 properties at $1M and over.
That's more than double in two years!
Time on Market: Demand is in a frenzy as median days on market have plummeted again; it was 25 days for December 2016 and only 9 days in May '17. If you see something you like, you need to make an offer now!
