Market Report: August 2017
When you first take a look at the statistics this month, it appears that the market is on the down turn. Could this be due to the end of the selling season? Could it mean that there are less people interested in buying houses? I would say there seems to be a stronger correlation between the lack of houses for sale and the slowing of sales.
While the number of houses sold has gone down, the median purchase price has gone up which is an indication of competition for houses. Furthermore, the median days on the market is lower as well. Meaning when houses come on the market, they tend to sell quickly and for a good price.
Will we have an increase in sales over the remaining months of the year? This could occur if we get more of an inventory. So, if you are thinking of waiting until the spring to sell your home, just realize that other people may be as well. This could still be a good time to list your house.
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