You may not be planning to move, or maybe it has been on your mind the last little while. Either way we believe it is important to stay on top of the Real Estate trends in your area.
Take a look at the link below, it has explained some of the market trends.
http://www.ereb.com/News&Events/LatestMarketStatistics.html
We’ve also summarized the article for you, if you’d like a quick briefing!
According to the census done, 2016 was a very stable year – prices were pretty consistent with small decreases during the year.
In comparison to 2015 Condominiums decreased 0.53%, single family homes decreased 0.86% and duplexes showed the most decline compare to 2015 at 5.22%.
Less homes were sold in 2016 as compared to 2015 and the average days a home was on sale increased an average of 6 days.
Experts believe that although wintertime was slower in the real estate market, listings and sales will begin to increase as we move into the new year.
FAQs
How did the average days a home remained on the market change in 2016?
The average days a home was on the market increased by 6 days in 2016 compared to the previous year.
What do experts predict for the real estate market as the new year approaches?
Experts predict that listings and sales will begin to increase as the market transitions from winter to the new year, despite a slower winter season.
How might the stability of 2016 affect future real estate decisions?
The stability of 2016 may influence buyers and sellers to feel more confident in the market, potentially leading to increased activity in the following years.
What was the overall market sentiment regarding home prices in 2016?
The overall market sentiment was that prices were stable, with only small fluctuations, indicating a relatively steady environment.
Why might the real estate market be slower in winter?
The real estate market tends to slow in winter due to seasonal factors, such as colder weather and holiday distractions, which can affect buyer interest and activity.
