Home Sales Are Up Dramatically
The National Association of Realtors’ most recent Existing Home Sales Report showed that, compared to last year, home sales are up dramatically in 5 of the 6 price ranges they track.
Homes priced between $100-250K showed a 20.7% increase year-over-year, with November being an excellent month for home sales in this price range.
Surprisingly, the 20.7% increase in sales in this range was not the highest percent change achieved. Sales of homes over $250,000 increased by double-digit percentages with sales in the $750,000- $1 million range showing the largest increase, up 43.2%!
Here is the breakdown for different price ranges:
Homes under $100,000 were the only group to show negative appreciation of sales at -2.4%. This not only points to the lower inventory of homes for sale in this price range, it also speaks to the overall strength of the housing market.
What does that mean to you as a Seller?
Houses are selling! If your house has been on the market for any length of time and has not yet sold, you may want to rethink your list price to see if it is priced appropriately to compete in today’s market.