Here are just a few stats from 2017. The area is Keremeos, Cawston & Olalla.
Units Listed UP 6%
Units Reported Sold UP 9%
Reported Sales Dollars UP 15%
Average Sell Price UP 6%
Number of Days to Sell was down 17%
Home prices and values are on the rise! According to The National Association of Realtors, the average sales price of a home went up in December by 5.8 percent from the previous year, marking the 70th straight month of year-over-year gains. The good news is it doesn’t appear that they’ll be changing direction any time soon. If you’ve been thinking about selling, it’s an incredible time to act
One of the leading factors of home values increasing is the lack of homes for sale on the market. December saw the amount of homes on the market fall again - that’s 31 months in a row across the nation. Sometimes this can be a motivator for making a housing change, but sometimes it’s nice just to know where your home falls. I can run those numbers for you any time. Send me a note if you’d like to do this.
I’m also watching interest rates. Industry experts are predicting that rates will creep up as the year goes on; they won’t jump up to historic levels, but expect an uptick throughout the year. We don’t have a crystal ball, so the exact numbers are tough to come by. If you’re buying, thinking about refinancing, or considering an equity loan this year, I’d suggest acting early.