Despite having fewer homes sold during February, the average sold price and pending sales are continuing to remain higher than previous years. February, and the first quarter in general, is usually a slower time for our market, so we aren't surprised to see the numbers stall just a little bit this month. While inventory remains lower than the 5-year average, the market will begin to see new listings coming on more frequently, as spring is generally the time most people list their home for sale. March has already seen higher new listings than usual and several pending sales.
- February 2017 saw 8 lake oriented homes sold, compared to 12 last year, however the average price was higher this year despite selling fewer homes.
- The average price is 9% higher than last year, rising from $444,177 to $485,720.
- Current inventory remains lower than in years past.
Buyers, if you are thinking of buying this year, now is the time to talk to one of our agents! New listings will start hitting the market as spring progresses, and it pays to be prepared. Well-priced homes have been immediately going under contract, and being prepared means your agent is always on the look-out for new listings and great deals perfectly suited for you. Interest rates are also expected to rise, making it an even better time to buy and lock in your mortgage rate.
Sellers, reap the benefits of listing early! Spring is the perfect time to list and our agents can help you determine the market value of your home to get you the best price and and a quick sale. With inventory lower than past years, your home also has a great chance of standing out and getting more attention. Contact one of our agents today to see what your home is worth and start the selling process!