Market Statistics –December 2016

 

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. 

December 2016

Prior Year

Current Year

+/-

Average Sales Price

$176,308

$176,949

+0.4%

Median Sales Price

153,638

167,915

+9.3%

Inventory of Homes for Sale

1,347

1,212

-10.0%

Days on Market

197

175

-11.2%

Closed Sales

162

159

-1.9%

 

 

 

 

 

New Listings were up 0.7 percent to 138. Pending Sales increased 0.7 percent to 140. Inventory shrank 10.0 percent to 1,212 units. Prices moved higher as Median Sales Price was up 9.3 percent to $167,915. Days on Market decreased 11.2 percent to 175 days. Months Supply of Inventory was down 15.2 percent to 6.7 months, indicating that demand increased relative to supply. 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.​

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