Residential Housing Sales Forecast

According to the NAR, they anticipate the market to be strong nationally in the next 6 months.

What can we say about our area?

As of December 8th, 2015, there are 147 residential properties under contract.  As discussed in a previous blog, roughly 20% of contracts fall through.  That leaves us with roughly 118 properties that will close in the near future. 

Let's compare to contracts from before:

• There have been an average of 61 contracts in December over the past 4 years.

• There have been an average of 75.5 contracts in November over the past 4 years. 

Keep in mind that roughly 20% of these contracts did not result in sales.  If we combine the two months and take into account contracts falling through, we are left with roughly 109 sales.  This means that we are projected to see an 7.5% increase in sales based on the current contract to closing estimate.