Here’s an inside look at the September Housing Report from the Jefferson County Board of Realtors.
As we have learned throughout the year, inventory in the housing market has fallen while demand has remained high. This caused median prices to rise 10.3% to $160,000 as the median sales price in the county. Inventory shrank down to 1,335 units, down 25.6%, and new listings dropped 20.7% to 161. As mentioned by the Jefferson County Board of Realtors, there are three main components contributing to the markets shift this year. First, millennials are reaching home-buying age, growing families are looking for larger homes and empty nesters are looking to downsize their home. Rentals and low interest rates are standing in the way of a equal trade off between these buyers and sellers. Low interest rates prompt refinancing rather than listing and rentals contribute to lower inventory for those looking to purchase a family home.
From last September, Jefferson County is up 54.5% in closed sales, increasing the value of the market tremendously. While the market has improved in that sense, it is taking a bit longer to close all of these sales. The average time on the market has risen 27.5% to an average of 139 days, about four and a half months. Demand has risen which has caused the prices of housing to rise, especially since inventory has gone down this year. Pending sales and new listings have taken a substantial hit as a consequence. September is a difficult month to judge simply because it begins the slower months of real estate. With the bustling and productive summers that come before, September is bound to be a bit different and not as successful. Market success may be predicted but it can never be guaranteed, there are far too many factors in play. Stayed tuned to discover how the rest of 2016 will pan out for the real estate market, and don’t forget to contact your BridgeView agent today!