Market Status Update 1st Quarter 2016

Throughout the nation and even here in Stark County we have a record low number of available listings, as this first chart for Perry Twp shows you. The amount of buyers in the current market is increasing because today’s buyers know that this is their last chance to have these interest rates and lower prices. We’ve created the perfect storm where good property at a fair price is selling faster than before the housing crisis, almost 10 years ago. Some properties in some markets are selling for substantially over their asking prices in less than a day or so. The warm winter has allowed the buyers to be active, searching and waiting for the right property to hit the market. My prediction is that the market will sustain this activity through the interest rate hikes this year, but as borrowing on the dollar becomes more expensive and more properties come to market to meet the demand, we’ll see a plateau for the number of sales and also for the price increases.  In summary, so far this 1st Qtr 2016 market is a little difficult for buyers because the competition for good properties at good prices is strong, while prices continue to rise. On the other hand, the market is attractive for sellers as quality properties are selling much faster and comparable to the prices from before the market crisis was in full swing.

The current number of listings is very low
The current number of listings is very low

 

The number of sales is up to same levels as pre-crash
[CLICK TO ENLARGE] The number of sales is up to same levels as pre-crash
The number of sales is trending upward
The number of sales is trending upward

 

The average sales price is climbing pretty steady, but I can see a sharp incline this season starting 2nd Qtr
The average sales price is climbing pretty steady, but I can see a sharp incline this season starting 2nd Qtr

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