Real Estate

MIBOR released sales figures for the month of March, and the numbers confirmed what everyone has been hearing around the water cooler.  Sales are surging while inventory shrinks.  Closed sales numbered 3206; up 21% over March 2016.

This pushed closed sales for the most recent twelve months up 11% over the previous period.  Meanwhile, listings were down 1% from last March and for the most recent twelve months were flat.  Put the two together and inventory is down 17% from a year ago.  And with more buyers now competing for the available homes, inventory per buyer is down 24% from a year ago.  As anyone currently buying or selling can tell you, that’s a lot.  This combination of market forces has pushed the median sales price up 5%, to $156,000.  Long, long gone are the days when list prices were getting negotiated down 10 or 15%.  Deals are now settling at an average 5% discount from initial list price.

Looking for someone to help you make the most of this red hot market— call me, “I work harder to make good things happen!”  -Bob

MIBOR reports sales in February 2017 to be on a par with those of a year ago; with exactly 1984 properties sold in each month.  New listings were down slightly from a year ago.  Following twelve months of increasing sales and lagging new listings, inventory is down 24% from a year ago.  All of that has pushed prices upwards 13% with the median home sale price now $152,000.

Around the office here things have been crazy busy with LOTS of showings, offers, inspections, negotiations— and even more so with work to help people get mortgage pre-qualified and rolling on finding a new home.  If we can be of service in helping you to find that perfect home, be sure to write or call me.

“I work harder to make good things happen!”  -Bob