Most of 2016 offered the same monthly housing market highlights. The number One-Year Change in of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
New Listings were down 26.9 percent for single family homes and 40.5 percent for Condo/TIC/Coop properties. Pending Sales decreased 11.5 percent for single family homes and 2.9 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 8.9 percent to $1,309,011 for single family homes but decreased 8.3 percent to $1,007,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 16.7 percent for single family units and 20.0 percent for Condo/TIC/Coop units.
The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for hardworking agents and diligent consumers.
For the full report, click here: sfar_marketfocus_2016-dec