It’s Cold Outside, but Sales are Warm!
The end of the year numbers are in for 2017, and they continue to show a positive trend for sellers. The number that sellers care the most about, the median sale price across Hampton Roads, was $230,000 for 2017 which is up roughly 2.2% from 2016, according to numbers from the Real Estate Information Network (our local MLS). More exciting for sellers is that the number of homes for sale has declined for 29 straight months when comparing year over year numbers (December 2017 to December 2016). December 2017’s supply of homes for sale was down to 3.90 months. An average market is between 5 and 7 months, and average days on market for homes across Hampton Roads dropped to 87 days in 2017. The average days on market was 108 in 2016.
While we don’t have a crystal ball, 2018 is looking like a year in which the average sale price for houses should continue to drift upwards. Demand is very strong in the $150,000 to $300,000 price range. In fact, we have several buyers looking that can’t find what they want. If you are thinking about selling give us a call (Lee: 757-726-SOLD (7653) or Harry: 757-434-9084).
by: Lee Cross