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VIDEO: First Quarter Real Estate Market Report

The first quarter report card is in! By comparing the first quarter of 2016 to the first quarter of 2015, we can see exactly where our market is right now and get a peek into the future of 2016.

Inventory for single-family homes last year was 4,138 homes. Today, we have 1,478 single-family homes on the market, so inventory is up, but just barely. The good news is that tons of new inventory is being built right now.

As far as units sold, we are up 8% over 2015. Last year, we sold 1,492 units, and this year we sold 1,611.

There’s also great news about the median sales price: it rose from $179,000 to $195,000. Home values are up! That’s a 9% increase for single-family homes.

As for condos and townhomes, that segment of the market is a little different. Inventory is up by 5% as are units sold. In 2015, 960 condo/townhomes sold in the first quarter, and this year 1,010 closed during the first quarter. The median sales price went up 4.5% from $110,000 to $115,000.

What does this mean for you? One thing to recognize is that single-family homes are the engine of our market. Condos and townhomes tend to trail behind.

We’re also in our 5th consecutive year of an upward trending market. Inventory remains basically the same year to year while units sold and prices continue to rise. There’s no reason that this trend shouldn’t continue.

If you’re waiting for the market to get better, it might not get much better than this. If you have any questions, give me a call or send me an email. I would be happy to help you!