MIBOR released its’ November sales report, and it’s fair to say the market is red hot. Â November sales were up a whopping 23% over a year ago. Â To be sure, buyers had an extra incentive as mortgage rates jumped a percent in recent months, and many were rushing to meet rate lock deadlines. Â How rates play out going forward is a jump ball. Â If anyone tells you otherwise, please let me know where they got there crystal ball.
New listings were also up, but at 6% (versus the 23% gain in sal
es), so the inventory of available homes continued to decline. Â Basic supply and demand would suggest that prices should be up. Â And no surprise, that’s what they were. Â The median average sales price came in at $152,000; up 4.8% over November 2015.
I hope you had an outstanding holiday and are looking forward to a prosperous new year. Â Whether you’re thinking about buying or selling in 2017, let me know— I work harder to make good things happen! Â ‘Nuff said.
