How Is The Market? March, 2016 03/04/16
HOW IS THE MARKET? March, 2016
A small percentage increase or decrease can make a much larger impact on sale price trends; however, we do not always see sale prices react the same way to changes in inventory in every market. Why? Because one needs to look further back in time than just one year over the next to understand the historical prices and levels of inventory.
Here are two examples:
- Arlington Condo inventory decreased 3% in 2015. The Median Sale Price increased by 7%. As we might expect – supply was lower than demand and sale prices increased.
- Arlington Multi-Family inventory increased 5% in 2015. The Median Sale Price also increased by 11%. Supply was higher but sale prices still increased? We can only speculate that demand was still not being met for this property type in this market.
In most of our local markets, current inventory is not meeting buyer demand. In some cases, the current inventory may be higher or lower than the previous year, but not even close to a few years earlier during the last highest peak of sale prices and/or inventory levels.
Work with a seasoned professional who takes time to analyze the long-term view and who also provides comprehensive market analysis to help ensure you make the best decision possible whether buying, selling or investing.
Contact me today to schedule a home seller or home buyer consultation! My Clients receive comprehensive market analysis including current and historical market trends for Single Family, Condominium and Multi-Family properties.