How did the real estate market do in the last quarter of 2017 and what can you expect from the 2018 market?
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I’m here with your CSRA market update. What happened in our area during the last quarter of 2017, and how did it compare with the last quarter of our 2016 market?
The number of homes sold in the last quarter of 2017 compared to the last quarter of 2016 essentially remained flat. In 2016, 1,672 homes sold. In 2017, that number increased by 1% to 1,691 homes sold.
Although the number of home sales did not increase much, the average sales price did increase by about 6% from $181,673 to $192,701 in the last quarter of 2017.
What is the market doing now?
The median listing price is up a little bit right now because inventory is low.
There are currently about 3.79 months of inventory, which means there are 2,136 homes for sale. The average days on market is 146, and the median listing price is $219,000.
The median listing price is up a little bit right now because inventory is a little tight in our market. However, appraisers are keeping our prices in check, especially with new construction. That means it’s important to check your price with the market in your specific neighborhood and surrounding area. You can do this with the market report on our website.
Finally, interest rates are between 3.75% and 4% right now but are expected to climb above 4% in 2018, so make sure to take advantage of the market now and secure your home.
If you have any other questions about our market, just give me a call or send me an email. I would be happy to help you!