Today’s local market is seeing a few changes from what it looked like last year.
Today I wanted to bring you some statistics from today’s local market.
Here in Lake Ridge, the average sale price is up by 4%. In the past, we predicted we’d be seeing a slow down year over year in this area, which is the case when you look at this number compared to last year’s five or 6%.
In the big picture, this is a healthy slow down. Homes are still appreciating, but not at a breakneck rate.
Sellers should be happy to hear that the average days on market is down 28%. This will drive up demand because homes in good shape will sell quickly.
"Buyers and sellers alike should be aware of how fast things can move on today’s market."
Because of this, buyers and sellers alike should be aware of how fast things can move on today’s market.
Finally, townhomes and condos are still selling at a much higher rate than this time last year, having experienced an increase of 7%.
More and more, we’re seeing people move out of condos for a number of reasons. Many people want larger living accommodations, and many others are simply tired of renting. This trend can definitely be expected to continue in the future, as well.
If you have any other questions feel free to give me a call or send me an email. I look forward to hearing from you, soon.
