Most of the year the market was slightly in sellers’ favor, but buyers were able to get some good deals as properties were not flying off the shelves. I would call 2015 a neutral year. Zillow.com statistics say we had a 0.5% increase in home values, our MLS says we had a 2.38% increase in average sales price (from 621k to 636k). If Zillow.com is accurate – we didn’t beat the inflation rate of 0.7%, but if we trust our MLS – we are probably slightly ahead of inflation.
Some other main statistics comparing 2015 vs. 2014:
The number of total properties sold went up by 4% from 2,792 to 2,904.
It took a little longer to sell a home in 2015 – 49 days on average.
On average properties sold at 97.5% of their original asking price.
Loan interest rates remained low during the year – at around 3.75%-4%.
So what are the predictions for 2016?
Realtor.com predicts another “normal” year of even slower growth than 2015. “The slowdown is not an indication of a problem – it’s just a return to normalcy” writes Jonathan Smoke, reatlor.com’s chief economist. Interest rates should go up this year – we’ve been saying that for a few years now through… if it happens it will definitely affect the market and affordability.
I personally love this market – my advice can make a great difference in my client’s bottom line. So call me if you are thinking about selling or buying a home this year!