Our mid-year update shows that 2018 is on track to be another strong year for the local real estate market! Going into this year, there was concern that increasing mortgage interest rates would slow down home buyers and sellers. That has not been the case for our housing market, and interest rates are still historically low, ranging between 3.5-5% (depending on the type of loan). This market has remained strong and steady!
Let’s look at the data for our mid-year update:
- The average residential sales price in this area has increased by $14,000, from $226,000 to $240,000, compared to last year at this time.
- Almost 400 more homes have sold so far this year in relation to last year.
- The average days on market has decreased by three days, from 63 days to 60 days.
- The one number that hasn’t changed is the average sales price to list price ratio, which is still 98%.
Clearly, the market isn’t slowing down! With all the worries and theories about what was to come this year, it’s nice to look at the facts and see what is really happening. We are so excited to see what the rest of 2018 has in store!