2016 Fan District Real Estate Report
Well, 2016 is officially behind us! And as we push forward into 2017, it's always a great time to take a sneak peak in our rear view mirrors to see how things shook out in 2016. Admittiedly, I'm a data junkie so this stuff gets me pretty excited. I keep a pretty close eye the sales each week but it was especially impactful for me to lay the data next to 2015 (which was a great year as well). Another set of data point to remind us how strong the market is now.
So without further ado {insert drum room} ....
Here is snap shot of 2016 Sales in the Fan District (for single family homes), as well as how 2016 stacked up to 2015:
*only includes sales from CVRMLS
HIGHLIGHTS of 2016 FAN DISTRICT REAL ESTATE:
- Average Sales Price INCREASED $46,000 / 8+%, in 2016 compared to 2015
- Average Price Per Square Foot INCREASED 6.3% in 2016 compared to 2015
-Days on market DECREASED 9 days in 2016 compared to 2015
PREDICTIONS FOR 2017
Disclosure: If I could really predict the future, I would have bought 
a winning lottery ticket by now. I'd likely be on the beach with a pina colada in my hand right now, rather than be huddled up in my office running sales reports. That being said, I'm expecting 2017 to be another strong year for Fan real estate. However, I'm not sure the pace of 2015 and 2016 will continue through the end of 2017.
Expect that interest rates will rise and at some point inventory levels may start to level off. In 2016 interest rates were historically low - coupled with low inventory provided for greater demand than inventory. You remember what happens from your high school economics class? If you keep up with the news, you know that interest rates are on the rise. If you were looking last year when rates were around 3.5%, you'll be disappointed that they've gone up. But even rates at 4.5% or 5% are pretty darn good.
CONSIDERING SELLING?
If you are considering selling your Fan home in 2017, now is a great time to start having that conversation. If you are considering waiting for the Spring market ... it will be here before you know it! And I can't think of any "real estate reasons" to wait unit the Spring. We still have a significant inventory shortage in the Fan, so it's a Fan-tastic (get it?) time to sell NOW. Contact me, Shane Lott with the Lott Realty Group at Rashkind Saunders & Co. at 804.382.8352 or shane@lottrealtygroup.com. I'm happy to talk to you about what your home could be worth in this market. No one knows Fan District Real Estate better than me ... just ask my clients!
Comments(0)