As interest rates start to rise people ask if we see any effect on the real estate market.
At this point, rates do not appear to be having a negative effect on the market. Currently, real estate inventory is still at an all-time low with only 1.3 months of single-family housing, and only 1.1 months of attached dwellings. The average sale price for single-family homes is up 13.7% for the year. February came in at a very strong with a 23% increase when compared to February 2017.
Average Days on Market is still holding at around 50 days. Considering it usually takes 30 to 45 days for a property to close, most homes are going under contract in less than two weeks. We experienced a slight decrease in the sales price to list price over the past year from 99.2% to 98.5%, but February bucked the trend moving back up to 99.2%. Attached dwellings were even stronger at 100.1% in February.
The real headline for February 2018 is the volume of sales. Even with less inventory buyers were making a hard push with a 12% increase in Single Family sales for a total of 194 units. Attached dwellings showed an even higher demand with a 15% increase for a total of 92 units sold.
Overall, the statistics show a strong market. As you know when we drill down, every price range and location differ. Give me a call and I can send you custom stats for your neighborhood and home.