Market Update October 2017
Here’s the October 2017 Real Estate Market Update provided by the Pacific West Association of Realtors.
Market Update 2017
It has been several months since news cycles have touched upon housing in any sort of sensationalistic headline grab that was common during the boom-and-bust atmosphere of a decade ago. During that tumult, heady price increases gave way to a Great Recession and foreclosure crisis. Then we entered into a period of healing and eventual recovery that we are still enjoying.
For residential real estate in 2017, fewer headlines have meant mostly good news. New Listings were down 9.4 percent for Single Family homes but increased 6.5 percent for Townhouse-Condo properties. Pending Sales decreased 42.2 percent for Single Family homes and 36.7 percent for Townhouse-Condo properties. The Median Sales Price was up 4.5 percent to $667,500 for Single Family homes and 3.6 percent to $430,000 for Townhouse-Condo properties.
Months Supply of Inventory decreased 12.9 percent for Single Family units and 16.7 percent for Townhouse-Condo units. Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to keep prices from skyrocketing toward another bubble.
Low affordability has started to become a recent topic of conversation and is definitely worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to be hard-pressed to lower prices.