December’s Market Update for Martin Acres and Majestic Heights
December 20, 2016
# of Closed Sales: 4
Average Days on Market for Solds:15
Median Sales Price600000
# of news listings1
Months of Inventory Last Month0
The numbers are in and this has proven to be a very interesting year. If you’ve been following these market updates through the years you might have noticed that each year has begun with a clean slate and I’ve compared to the previous year-to-date information. So in January we have been looking at just the sales data for that month. In February we would look at January and February combined. And we’d continue in this way until December when we’d be looking at a year’s worth of data.
In years past the property value appreciation results stayed reasonably steady through the year. That hasn’t been the case in 2016. Below is a recap of the median price appreciation reported since July of this year. These statistics represent sales from the beginning of the year to the end of the month listed.
July – 20%
August – 16%
September – 14%
October – 11%
November – 7%
The reason for the drop in the median price differential is that the sales at the end of 2015 were more expensive (relative to earlier that year) than they have been in 2016. To put it another way, 2015 had an upswing at the end of year and 2016 has leveled out a bit.
7% appreciation is still considered a healthy year for property value and there is more appreciation to come in 2017.
Beginning in 2017 I will be using an entire 12 months of data for each market update. This won’t eliminate slides like this from happening but I believe it will give us a more realistic look at the market especially early on in the year.
Aside from the slide in median price it has been business as usual. At the end of November there was only one listing on the market and most properties have been going under contract within a couple weeks of being listed. We have plenty of momentum and there aren’t any signs of coming to a sudden halt. It appears that some of the pressure has been let out of the market’s valve and we will now ride at a more comfortable pace. Stay tuned and let’s see where we end up. Next stop… 2017!
I wish you and yours a happy holiday season. Call me and allow me the opportunity to help you reach your real estate goals in 2017!