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Local Real Estate in 2015 – Was it Good for You?
The 3rd quarter of last year held the strong pricing trends of the rest of the year, as you can see below – great news for Sellers! The number of units closed in the quarter fell from the season peaks, somewhat due to the partial seasonality of our market but also due to the continued lack of inventory. And November and December traditionally reflect even more restricted inventory due to folks taking their home off the market over the holidays. And at the same time, the Fed finally raised rates by 0.25%, spurring some buyers into action. And the effect? Prices remained higher. And in case you thought the winter was a bad time to sell, the average days on market for homes that sold in December was 78 days – lower than the 97 that we saw in August!
Below we see the stronger December numbers of the last two years. And while we moved 23% more homes in Dec 2014 vs. Dec 2013, the values dropped slightly over those periods. Looking at Dec 2015 homes sold was relatively flat vs. Dec 2014, however we finally are seeing values increasing and holding . . . for the first time in years!
If you are curious where you home value falls in today’s market, call me now! In particular, if you are in the market and under $250,000, consider listing or relisting as soon as possible. Don’t wait until Spring to sell and face increased competition!
Our number of home sales in 2015 outpaced every other year over the last 10 years!
What does this mean for you? If you’ve been waiting on the sidelines, now is a great time to sell!
Data source: Snake River Regional MLS. © 2016 Chris Pelkola Lee Realty, LLC. |
