There are 3 factors that have made 2017 a banner year in real estate!
1. Low inventory
2. Home mortgage rates remain low
3. The economy is strong
2017 Home Sales 3rd Highest Ever, Average Price Sets Record for 18th Consecutive Month
December home sales lagged compared to last year’s levels, down – 5.10 % compared to December a year ago. However, 2017 year-end home sales were recorded as the 3rd highest sales year ever at 25,984 compared to 26,142 in 2016, down – 0.60%. Home sales this month were 1,843 compared to 1,942 in December 2016.
“2017 home sales exceeded expectations, just falling short of a very strong 2016. Recorded as the 3rd highest number of annual residential sales ever says a lot for the strength of our economy,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “Home sales remain strong and, from all indications, will maintain its momentum going into 2018,” said Morrical.
The December average home price climbed to $198,356 compared to $190,625 a year earlier, a + 4.06 % increase. The 2017 year-end average home price climbed to $202,169 compared to $190,908 in 2016, a + 5.90% increase. At the same time, the inventory of homes for sale, as of December 31, continued its year-over-year declining trend to 4,360 from 5,049 a year ago, down – 13.65 %.
“Inventory remains low and interest rates are climbing slightly; yet the average price of property continues to rise due to increased demand, encouraged by the strong economy. Property continues to sell quickly as long as it’s in “move-in” ready condition in a desired location. There are plenty of buyers that are ready to purchase the home of their dreams,” said Morrical.
Local home mortgage rates in December averaged 3.95% for a 30-year fixed rate loan. The rates were down compared to 4.06% a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $475.
“REALTOR’s are available to help guide consumers through all the important details involved in buying and selling a home. A REALTOR will assist them through the entire process and is your absolute best source for professional and accurate information,” said Morrical.
Call a real estate professional !! Call a REALTOR today!
Nationwide, December home sales were down – 3.6 % from November on a seasonally adjusted basis, and were up + 1.1 % from December 2016.
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