Click on the link below to pull up a PDF – Lake County History of Average Sale Price per month. If you are into statistics or even if you are not, you will likely find the information very interesting. Sale prices in Lake County have continued to increase month after month beginning 2016. The shortage of inventory and multiple offers has certainly been a factor in increasing prices. If you have any questions or would like to know a particular area, please let me know. I am happy to help.
The chart shows the number of active listings on the market in Geauga County by month over the last 5 years. Click on the link below to see the entire chart. While the market is moving quickly, it is still a great time to buy. Interest rates are still very good! The process of selling your home or buying a new one can be made easier with the experience of agent. Let me help guide you or someone you know through the process. Here is a little snippet for month of December over the last 5 years.
If you have been paying attention to the housing market, you have heard that things are looking good. This is very true! So far this year, every update and statistics report that has been released has revealed great news for the housing market. Here are a few highlights from the National Association of REALTORS®…
February existing home sales were at the highest level since the tax credit period of November 2009
Total housing inventory rose 9.6% at the end of February to 1.94 millions homes for sale in the US. But, inventory is still lower than previous years
Average median home price is up 11.6% from last year, reaching $173,600 in February
Distressed homes (foreclosures and short sales) accounted for 25% of sales in February, down from 34% in February 2012
Interest rates are still low averaging about 3.53%. Not much change from last year.
Median days on market is 74 in February. A big change from February 2012 when it was 97
These national averages are all looking good! Rates are still low which is great news for buyers! Homes are selling quicker and in some cases at a higher price, which is great news for sellers. These are all national stats, let’s take a look at our region…
Our Region – Northeast of the US
Home sales fell in February, but are still 8.6% above February 2012
The media price is $238,800, 7.6% above 1 year ago
Lawrence Yun , NAR chief economist, said conditions for continued housing improvement are at play. “Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable,” he said. “The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive.”
Right now we are seeing a busy market. Buyers are out looking for homes now, but Sellers are being shy creating a “low inventory-high demand” situation in some areas.