Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
How did we finish 2017?
- New-home sales were at their highest level in a decade Nationally!
- Sales of previously owned homes were at their highest level in more than a decade.
- Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.
And Bloomberg Business just reported:
“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”
And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.
The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory nationally and about a 2 month supply locally. This represents a decrease in the supply of 9.7% from the same time last year nationally. We are down locally easily as much if not more as most of our markets have less than 2 months worth of inventory.
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood. For more information of what this means for you as a buyer read here.