How did the 2017 real estate market do and what can you expect from our market in 2018?
Merry Christmas and happy New Year! As 2017 draws to a close, we’re looking back to see how the real estate market did this year and what to expect next year.
In our local area, the number of sales for vacant land, condos, and single-family homes increased by 17% over 2016. The average sales price is up 8%, and the total dollar amount of sales is up 26%. Inventory is down 3% compared to 2016. We simply need more properties to sell.
Despite the low inventory, pending contracts are up 18% over 2016, so this is the best market we have seen since 2005.
Looking forward to 2018, many anticipate that housing costs will go up as a result of the hurricanes in Florida and Texas and the fires in California. These natural disasters impact the whole country, and they have affected the cost of housing a little bit.
My husband is a local builder and he says that he has seen price increases from different vendors he works with in the area.
In addition, interest rates are still low right now but they may go up a little bit in the future.
Overall, the market looks good for 2018.
I want to thank my coworkers for their work in 2017 and my friends and clients for their support. 2017 was a good year, and 2018 certainly looks promising.
If you have any questions about real estate, just give me a call or send me an email. I would be happy to help you.
Have a happy holiday season!