More Good News for Sellers: 2017 Q1 Housing Stats

By Brittany Graham | Real Estate News & Tools

May 19

Unless you have been completely ignoring the real estate market (and you haven’t been, because you’re reading this), you are probabaly aware that it is without a doubt a sellers market right now. In this blog post, we will go over what it really means to be a sellers market, how we know it is, and how to take advantage of it.

What does it mean to be a sellers market?

In short, it’s all about supply and demand. Right now, demand is very high thanks to steady job growth over the last few years. More people are employed and incomes are (believe it or not) rising, so more people can afford to enter the market as buyers.

How do we know?

Statistics can be confusing, but they tell a pretty clear story about the current housing market. Here are a few keys takeaways:

  • $232,100 and 6.9% – The national median existing single-family home price in Q1 was $232,100, a 6.9% increase from 2016 Q1.
  • 5.62million and 5.0% – Total existing home sales in Q1 were 5.62 million, a 5.0% increase from 2016 Q1.
  • $209,000 and 8.8% – The median existing single-family home price in the South in Q1 was $209,000, an 8.8% increase from 2016 Q1.

What does it all mean? (Terrible statistics pun notwithstanding)

The moral of the story right now is that sellers are at an advantage. Home builders cannot keep up with demand and existing home sales remain high, which leads to a decrease in supply.

HIGH DEMAND + LOW SUPPLY –> Prices stay high, days on the market decrease, and sellers are at an advantage.

All the housing market stats continue to point for a tough road for buyers – there is more competition among buyers for fewer homes, and prices will likely continue to rise. Buyers are feeling the squeeze and it’s for a good reason.

So how can you take advantage of the sellers market? The first step is to call us for a market analysis of your home! We’ll talk you through how sales are in your specific area, what you might be looking at for a reasonable listing price, and approximately what to expect for days on the market. Connect with us today! 

*All statistics are drawn from the National Association of Realtors Quarterly Metropolitan Median Area Prices and Affordability report and are based on existing home sales.

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