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This August's Real Estate Market Set Records
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Today I’d like to take a look at our real estate market for August of 2017.
During the month of August, we had 9,780 homes come on the market, compared to the 9,333 that came on the market this time last year.
The difference between these numbers means an increase of 4.2% from 2016 until now in terms of new homes on the market.
Active listings, though, have gone down. This statistic saw a decrease of 8.8%, going from 21,787 active listings in 2016 to 19,877 in August of this year.
In terms of sold homes, we had 8,251 this year. This constitutes a 4% increase from the number of sold homes in August of 2016, which was 7,932.
The months' supply of inventory right now is sitting at about 2.41 months—a decrease of 13.4% from last year’s 2.75 months.
A reduction of homes coming on the market combined with an increased number of homes being sold has lead to this decreased supply.
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This means that we are still in a seller’s market.Right now is a great time for buyers and sellers alike to make their move.
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Demand is also still very strong, since interest rates are lower than they’ve been all year. Right now, a 30-year fixed interest rate is about 3.78% on average. The average for a 15-year fixed is just 3.08%.
All of these factors have combined to create a very interesting market. We’ve got record-low interest rates, the lowest inventory we’ve seen in about 10 years, and a lot of demand.
Ultimately, now is a great time to move forward with a real estate transaction whether you’re looking to buy or sell.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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