Real Estate Advisor—January '17 Market Report Courtesy of Land Title Guarantee Co..
Market Analysis % Change Year over Year 2016 vs 2017: Monetary volume ($91,901,074) in January 2017 was substantially higher at 45% compared to January 2016. Transactions (138) were only up by 11%.
Market Snapshot for Years 2016 vs 2017:
Average Indicators for Prices:
- Single Family +22%,
- Multi-Family +10%
- and Vacant Land -15%
Median Indicators for Prices:
- Single Family: +16%
- Multi-family 9%
- and Vacant Land -8%.
The luxury market continues to improve; in January '17, 23 properties sold for $1M and over, compared to January 2016, when 9 properties sold at $1M and over, and January 2015, when 12 properties sold at $1M and over. That’s nearly double in two years!
Time on Market: Demand is still steady as days on market fell from a median of 81 for February '16 sales to just 24 for May '16 sales, 18 days in June '16, 17 days for Oct., and holding steady at 28 DOM for January '17.
The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase this year. No telling how that will impact the market. Why wait when you know things are great now?
There has never been a better time to sell. Call me now.
