Market Update for November 2017
October 2017 saw a nice full 1.0% bump in average sales price, to $297,839. That's 4.7% higher than one year ago. By spring we should be back well above the $300K mark, but we project flat pricing throughout the rest of the year. Interest rates have dipped back well under 4% for typical 30 year fixed mortgages, so this along with a small upward spike in active listings (typical for this time of year for retirement and snowbird activity) makes November a great time to buy a home. Buyer demand (number of closings) slowed by 9.2% last month, and will probably keep slowing through the rest of the year. Though historically there are a very high number of closings in January which are delayed closings from properties going under contract during the holidays. Days on market ticked down to 48, so sellers and their agents who pass that threshold should consider pricing and marketing strategies to attract buyers to facilitate a Q1 move.