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Throughout 2017, there was a shift in the supply and demand curve of homes - showing an increase in motivated buyers and a decrease of inventory for homes on the Seacoast. In turn, the median sales price for residential real estate showed an overall increase of 6.5% from 2016 to 2017, with 2016’s median price resting at $249,800, vs. 2017’s median price of $266,000.
In December alone, single-family homes produced a $470,000 median price, which showed an increase of $78,000 from last year’s median price.
For a 4-month continuance in 2017, sales of single-family homes steadily declined and have hit record low inventory levels in its last 6 years, down 19.4% from December 2017, with condo inventory down 22.6% from last year. In a recent Seacoastonline.com
article, Karen Kulburg, Seacoast Board of Realtors 2018 president commented, “Much of our sales and inventory decline is a seasonal thing.” She added, “But volume and price numbers continue to reflect healthy demand. Regardless of the time of year, this is a strong seller’s market.”
What Does This Mean For 2018?
We’re most likely in for another increase on the median price of homes. But don’t worry! With a booming economy and interest rates at extremely low levels, now is as good a time as ever to purchase before interest rates begin to rise. Past President of Seacoast Board of Realtors and CEO of Red Post Realty, Todd Hudson
, explains that when you find the house you want, you need to make sure to act quickly, saying “Know your reasons for buying, find your target, and when you do find it, go after it.”
Hudson also advises that, “Buyers should make sure to select an experienced Realtor to work with - someone who understands the dynamics of the market and how to react with knowledge and precision for whatever curveballs may be thrown at you. Having someone resourceful and knowledgeable not only increases your chances of finding your dream home but also minimizes the stress that goes along with a transaction.”
Seacoast Homes in High Demand
Regardless of the lack of inventory, demand for homes across the Seacoast continues to grow at an accelerated rate. Likewise, the Seacoast can expect to see a continued rise in new construction.
For first-time homebuyers and current homeowners looking to downsize, there will be increased competition in finding affordable housing in the starter home realm. Those considering selling should be on the lookout for Red Post Realty’s First-Time Seller Seminar, where you will learn everything there is to know about the transaction process for selling a home. You’ll want to RSVP for this informative event as soon as possible, as spaces are limited and this seminar is one you don’t want to miss.