John & Mary Luca

Licensed DE, PA, MD

My Blog

February Market Report Home Sale

2/12/2017

Existing Home Sales Report

Data from the National Association of Realtors® (NAR) shows sales of existing homes concluded 2016 as the strongest year in a decade -- despite sales falling in December due to continuing affordability issues and historically low supply levels.

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops) ended 2016 at 5.45 million sales, bypassing 2015 (5.25 million) as the briskest since 2006 (6.48 million).

Existing sales in December dropped 2.8% to an annual rate of 5.49 million in from 5.65 million in November. Sales are just 0.7 percent above one year ago.


 

 

 

 

 

 

 

NAR's chief economist, Lawrence Yun, said that the housing market's best year since the Great Recession ended on a positive but softer note. "Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market," Yun said. "However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December."

Data Takeways

December's median existing-home price (all home types) was $232,200, up 4.0% from December 2015 ($223,200). This price increase marks the 58th straight month of year-over-year gains.  

Nationally, total housing inventory by the end of December fell 10.8% to 1.65 million existing homes available for sale, the lowest level since NAR started following housing supply in 1999. Inventory is 6.3% below one year ago (1.76 million), and has dropped year-over-year for 19 consecutive months. Housing supply nationally is 3.6-months at the current sales velocity (vs. 3.9 months in December 2015).

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage bumped up in December to 4.20% from 3.77% in November. December's average commitment rate was the highest rate since April 2014 (4.32 percent).

First-time buyers drove 32 percent of sales nationally in December, unchanged compared to November and one year ago. First-time buyers also represented 32% of sales for all of 2016.

The Best Homes Sell Fast!

Smart sellers understand that a proactive selling strategy can go a long way in getting their home sold quickly, and for top dollar. Here are three tips for today’s sellers:

  1. Make your home shine. Buyers like to envision a home they can move right into. Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.
     
  2. Anticipate the selling season. Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle. Give yourself the best opportunity by placing your home on the market before everyone else does!
     
  3. Price your home right. Markets change, so don't be influenced by last year's selling activity and home prices. We will evaluate your home based on the most recent sales data and price it to sell for the most money in the shortest amount of time.

Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for an analysis of our recent market activity. We would be more than happy answer any questions you might have.

Make Your Offer Count!

With today's competitive housing market, it is more important than ever that home buyers get their financial house in order when applying for a loan! Be sure to review your credit report with your mortgage professional and get pre-approved for your loan before making an offer on a home.

A little preparation goes a long way and can mean all of the difference when it comes to closing on that dream home. Having a trusted mortgage professional can make a huge difference in your home-buying experience -- don't underestimate the significance of this choice.

Contact us today to get the right loan for your current needs! We can recommend proven lending professionals who can help you position yourself for your next home purchase.

 

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2/12/2017

John & Mary Luca

Mary B. Luca, Realtor licensed in DE, PA, MBA, e-Pro, licensed since 2007
John Luca, Realtor licensed in DE, PA, MD, licensed since 2005 

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Berkshire Hathaway HomeServices Fox and Roach Realtors
88 Lantana Dr. Hockessin, DE 19707
Office: (302) 999-6966
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2/12/2017

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