Research Confirms Hot 2017 Market
The housing market is always exceptionally fast-paced in the spring, but recent numbers confirm that this year has been one of the best for sellers...ever.
Granted, some aspects of the study only have data that stretches back to 2010, but the volume, median price and other important factors in the market are proving that 2017 has been impressive. We looked at a couple of those factors in late March, which you can check out here, but things are really starting to find some momentum.
According to Redfin, home sales were up 9% in March of 2017 as compared to the same month in 2016. That's remarkable, but even more so when you consider that the number of homes even on the market is down 13%.
With high demand and a sinking supply, the average time a home sits on the shelf is down sharply, from 60 days in March of 2016, to just 45 days in the same month of 2017. This has brought the median price up by over 7%, to $273,000.
These are interesting numbers, and we're seeing much the same right here in Northern Michigan. Homeowners that have been considering selling have reached out to see if this trend is long-term, and while there certainly isn't a rush, it's hard to see these market conditions lasting a full year to peak season of spring 2018. Every home and area is different, and we'd love to work with you to determine if it's the right time for you to list with EXIT Northern Shores.
Are you ready to list your home, or looking to purchase a new home or property in Northern Michigan? We're here to help. We have a team of caring, expert realtors to make the process simple and fun.