2017 market statistics are in and Winchester City tells a great story!
We have all heard that national housing prices are on this rise and inventory is shrinking. Is Winchester following the national trend and what does that mean for us locally?
The answer is – absolutely! This chart illustrates just how few active listings are on the market in Winchester City. We have fewer active homes for sale currently than we have had in over TEN years!
What that means for the average homeowner is if you are looking to sell, now may be your best chance of selling quickly and for a higher price.
The average days on market from listing to contract went from 72 in 2016 to just 59 days in 2017! That is HUGE.
The average sales price is up just over 1%. While there is a price increase, shouldn’t the low inventory result in even higher prices? Why is the average sales price not higher? In my opinion, appraisals and government restrictions are keeping prices artificially low. This results in more competition for the few homes for sale. In other words, it’s a seller’s market with a ceiling that creates buyer competition.
If you are interested in discussing more about the local market, contact me today!
Stay tuned for next weeks’s blog – How a skilled Realtor can give you an advantage in a competitive market!