MIBOR released its’ November sales report, and it’s fair to say the market is red hot. November sales were up a whopping 23% over a year ago. 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. How rates play out going forward is a jump ball. 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 sales), so the inventory of available homes continued to decline. Basic supply and demand would suggest that prices should be up. And no surprise, that’s what they were. 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. Whether you’re thinking about buying or selling in 2017, let me know— I work harder to make good things happen! ‘Nuff said.