Sales continue to be hot, even taking into consideration the fact that we are in the high season. MLS sales volume for the first three months of 2017 was 11.54% higher than 2016. There were 21,483 sales reported in Q1 2017 compared to 19,261 for the first quarter of 2016.
The first quarter of 2017 was the third highest volume in the 19 years we’ve reported data. Only the peak bubble years of 2005 and 2006
had higher resale sales volume.
The common thread for the hottest of the hot sectors of our market is price point. When we view a zip code map showing the average sales price between $100,000 and $200,000 and then again $200,000 to $300,000, we see a remarkable similarity between the two maps.
With insufficient supply and strong demand from entry level buyers, I see no relief in sight. We are just now seeing the beginning ground swell of millennial buyers. Couple a large population base of looming buyers with a median new build price of $320,000 and I see little to no immediate relief of added inventory for homes priced below $300,000. Home prices in these areas will continue to rise as will our overall median sales price. Properties listed in these areas and price points find the selling agents confident and the buying agents frantic.
Content: Tom Ruff of The Information Market