There has been quite a bit of excited buzz going around the real estate circles as of late. It looks like the first-time buyer market, which has been lagging since the recession, is experiencing a noticeable upswing. Millennials are fueling this increase, creating more demand for entry-level homes at the $250,000 and under price range. This increased demand will likely edge prices upwards, which is great news for sellers with homes in this price range!
Fletcher Wilcox, publisher of The Wilcox Report, pointed out we haven’t seen homes sell like they did the first quarter of this year since 2006, just before the recession. However, a big difference we are seeing this time around is that prices are increasing at a gradual rate and not at the meteoric levels we saw so may years ago. That, and the banking industry’s more conservative lending practices this time around are keeping the market in check and growing at sustainable levels.
April 2017 new listings, 10,493 versus 12,199 in March and 11,054 in April 2016.
April 2017 active listings, 22,224 versus 22,021 in March and 25,230 in April 2016.
April 2017 sold listings, 8,831 versus 9,365 in March and 8,450 in April 2016.
April 2017 average sale price $303,990 versus $301,354 in March and $281,253 in April 2016.
** Data provided by ARMLS and is not guaranteed as accurate by ARMLS.