2016 is shaping up as another solid year for the real estate market, both nationally and locally, as a stable job market and low interest rates help spur sales. This growth pertains to both re-sale and new construction. Housing demand clearly remains on a sustained path to recovery. With bent-up demand and low inventory combined with historically low interest rates create an environment favorable to a solid 2017. Although interest rates have risen since the election, it is still a good time to borrow and purchase that dream home.
Look for the recap of 2016 in the January blog post.
Our market here held steady again in the month of November. Inventory went up to 27 Active listings, and 7 of those listings were new homes. We closed escrow on 10 properties as opposed to 8 in October. And the price per square, for both Active and Sold properties came in at $159 and $158 respectively. Days on the market (DOM) ticked up to 37 days, which is very typical for the market during the holidays.
The entire staff of New Era Financial and The Housing Connection wish you and your family a Very Merry Christmas and a Wonderful 2017. As always, we appreciate the fact that you read this real estate blog and occasionally comment.