Market Update: January 2017

After a strong housing market last year, 2017 has also begun with strength with closed sales increasing.

If you’re in the market to buy or sell a home, contact me to get started. Now is the time!

MIBOR (Metropolitan Board of Realtors®) released housing data which shows a closed sales increase to kick off 2017. Data showed a 4.4 percent increase in closed sales for January 2017 and a 10.4 percent increase for the quarter ending in January compared to the same time periods last year.

Pending sales increased 5.5 percent in January and .9 percent for the quarter.

Home prices continue to rise with the median sales price increased 4.5 percent in January to $143,700. Likewise the average sales price went up 6.1 percent to $182,552. The quarter ended (in January) with median sales price up 5.7 percent and the average sales price also increased by 5.5 percent. Months of inventory slightly decreased to 2.9.

 

 

 

 

*Source: MIBOR Realtor® Association Realtor® Weekly Market Update

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