Real Estate Market Update - Northwest Suburbs - December 2016
Let's jump into some real estate numbers!
What are Prices Doing? Average sales prices are relatively stagnant compared to other areas of the country. Remember when you hear the talking heads on the evening news they are talking nationally - you should only be concerned with local prices.
Average Days on the Market pretty much stayed the same into December as graph illustrates.
With our decreased amount of inventory for December we are bouncing between a sellers market & buyers market for certain property types or price ranges. Inventory has decreased 27% from 2015 and months of inventory has decreased to 4 months. Very unusual for the winter months.
And Interest Rates? They are inching upwards so buyers had better get a plan to get that home soon. Every 1/4% that the interest rate increases that obviously lowers a buyers purchasing power. This is a great time to take advantage of these rates by moving up or buying that first home. There are many great down payment assistance programs available that I can get you through my valued mortgage partners. Check them out or pass this along and share with someone who might need this kind of help.
Did you know that on the average 15,370 homes sell everyday in the U.S.? That's quite a feat if you think about it.
Pending Home Sales (contracts written) on the national level hit a 10 year high recently in November. That is the highest level since April 2006.
Looking for an agent that's a true market expert? I can zero in to your specific neighborhood and give you the current market details so you can make an informed decision and help your home sell faster and for more money.
My experience can play an important role. I'm one of those unique people that will tell you how the market really is explaining both the good with the bad.
Looking for a home in the area? I'd like to help you find that home you are looking for. Please give me a call or email me to discuss the possibilities. You will need up to the minute market strategies to make that happen.
November 2016 Report
Sources: MRED December Stats 2016