Thinking of Selling? Four Things to know
Home sales finished strong in December, helping make 2016 the best year for U.S. home sales since the recession, according to the January 2017 RE/MAX National Housing Report, an analysis of MLS data from 53 metro areas.
Homes are still selling fast
Nationally, homes spent an average of 62 days on the market in December. That’s the shortest time of any December in the report’s history.
Closer to home in Arlington, MA homes spent an average days of 17 days on market in December with an average days to offer of 11 days.
Prices are rising
The median sales price of a home sold in December was $216,000. That was nearly 5 percent higher than the median sales price in December 2015.
The median Sales price of a home sold in Arlington MA in December was $675,000 which is also 5 percent higher than the median sales price in December 2015.
Inventory continues to shrink
The inventory of homes for sale dropped nearly 18 percent between last December and December 2015, continuing a year-long streak of double-digit declines.
The inventory of homes in Arlington MA dropped 14 percent continuing the trend of a very strong Sellers market.
What’s the upshot of all this research? Much like 2015, we saw a mostly healthy housing market in 2016 that posted steady growth in sales and prices. We’re back to pre-recession levels in many markets, with 2017 forecast to be another solid year. We’ll have to wait and see what impact rising interest rates will have. In December, the Federal Reserve raised interest rates for only the second time since 2006.
That being said, it’s a perfect time to sell. Mild winter weather and lower inventory levels make this an extremely strong sellers market. Call us today to schedule a free no obligation market analysis on your home. You can also make the request online at http://www.homesnorthofboston.com/whats-my-home-worth/