Today I wanted to update you on the state of the real estate market in the Midlands and how our first quarter turned out.
We’ve got good news. The market continues to improve, and today I want to give you some statistics from the first quarter of 2017 for you to think about.
This time last year, in the first quarter from the 1st of January to the end of March, 2,423 houses went on the market and sold. This year, the number of properties sold in the first quarter jumped up to 2,663. This is an almost 10% increase in volume.
Homes have also sold quicker this quarter than the same time last year. We’re seeing a 10% decrease in the time it takes for a home to sell this year, which is great for our market.
More houses are selling at higher prices, and they are selling closer to the asking price.
Home prices have also gone up in the Midlands this quarter compared to the first quarter of 2016. This time last year, houses were listed for an average of $179,482. This year, the average home price has gone up to $182,332. This 1.6% increase seems small, but it is a sign that the market is going in the right direction.
We’ve also noticed that the “negotiable factor,” or the amount that the average seller has to discount in a negotiation, has seen a bit of a shift as well. Last year, sellers were getting 96.75% of their list price on average. This year that average has gone up to 97.07%, which is pretty great.
More houses are selling at higher prices, and they are selling closer to the asking price. This all good news—we are going in the right direction. The Midlands is not only a great place to live, but real estate in the Midlands is a good investment as well.
If you have any other real estate questions or you’re looking to buy or sell a home, please don’t hesitate to reach out. I’d be happy to help.
