Jan 12, 2017
Most of 2016 offered the same monthly housing market highlights. The number 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 18.9 percent to 275. Pending Sales decreased 14.9 percent to 228. Inventory shrank 1.7 percent to 2,142 units.
Prices were still soft as Median Sales Price was down 0.6 percent to $298,995. Days on Market increased 15.3 percent to 151 days Months Supply of Inventory was down 1.6 percent to 6.1 months.
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 creative and diligent people prepared to put
in the necessary amount of work.
If you want to make a little piece of The Island your own, you need more than just a road map and a REALTOR. You need a partner who can make things happen.
Home Sales Hit a Record-Setting Rebound
Jul 24, 2020