I have so many people asking me “What is the Market Like” or “How is the Market”? It seems that there are plenty of people wondering how the real estate market is doing right now, so I decided that I would write an article about the Current Real Estate Market.
Last year was an incredible year for real estate. The market was hot! Houses were selling fast. Houses were selling for top dollar! This year started the same.
This was a good time for real estate sales this year. In my area, Stark County Ohio, there was just over 1,300 homes sold with an average of 34 day on the market. The homes sold on average for $150,000 and at 97.3% of the list price. Spring was great to sellers this year.
This was also good. Staying in my area there was again just over 1,300 homes sold with an average of 30 days on the market. The homes sold on average for $152,000 and at 97.5% of the list price. As a seller you can’t ask for much better than that.
It was a great summer for sellers and it was hard to believe that the numbers were slightly improved on from Spring time.
Fall has just started so I want to give my opinion of where the market currently is and where I see it going to finish off this year.
Current Market Condition
The market is still RED HOT right now. Homes are selling fast at 2 days on market less and for about 3% more than this time last year.
Right now, there is not enough homes for sale, in Stark County Ohio there is only 975 homes actively for sale. There are some areas that have buyers wanting to move into but there are no homes for sale. Other areas only have a few listings and buyers are having a hard time finding what they are looking for.
Prices are also up again this year and buyers are having a hard time finding a home in their price range. This is great for the sellers, but it is hard on buyers.
Buyers want to feel like they are getting a deal and they do not want to feel like they over paid for their home. This is causing some buyers to have to search longer to find the right home. The good news is that there are plenty of buyers on the market for a new home, so the homes will keep selling.
What Direction is the Market Heading
First off, no one can predict the future, but I will give it a try.
I don’t see anything major happening to the real estate market to finish out this year. Home sales will slow down a bit like they do every year in the fall and winter.
I think it will slow down slightly more then last year and the reason for this is because there are less homes for sale. We are not seeing enough new listings. The market is screaming for more homes for sale.
So, my prediction for the market is… Home sales will slow down a little more this Fall and Winter then they did last year.
If you are thinking about selling your home I encourage you to call a Realtor and get your home on the market. It may be a long time before you see a market this great for sellers. Sellers are getting great deals on homes on more then just sale price. They are getting better offers all around.
This is with out a doubt a Seller’s Market!
If you want more information about selling your home check out the Seller section of our Resources page. I would also encourage you to read one of my other articles “How to Sell Your Home for More” and “How to Sell Your Home Fast”.
If you are ready to talk to a Realtor, even if you are just casually thinking about selling or if you have a few questions you can contact me on here or give Nova Star Real Estate a call.