North Delta Market Update: January 2017

How did the North Delta real estate market do in the first month of 2017? I have the latest numbers and trends for you today.

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Nearly every day, someone asks me, “What’s going on in the real estate market?” Today, I’m here with your market update for January of 2017.

Going back to September, housing inventory has steadily declined each month. In September, there were 218 homes on the market. At the end of January, there were 120 homes on the market.

That said, sales activity has remained relatively stable month to month. In September, 28 homes sold; that number dropped to 20 in December, but that’s to be expected at that time of year. In January, home sales ticked upward to 23.

As for new listings, there were only 27 in December but that number jumped up to 43 in January. We can expect that number to climb as the spring market approaches. Inventory will grow and sales activity will follow as well.

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As inventory goes up, so will sales activity.

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If we look at the sales to active listings ratio, that number was only at 13% in September. In January, the sales to active listings ratio was 19%. Keep in mind that 15% to 20% is considered a healthy market. Sales were low in January this year but inventory was lower, which kept that percentage a little higher than it should have been. Again, we do expect sales to go up as inventory increases.

So, how are home values doing? In June, the benchmark price dropped 8.5%, then stabilized in October. In November, the benchmark price was $832,000; in December, that number went up to $833,000, and in January, the benchmark price dropped slightly to $828,000. Still, that is up 14.8% from the benchmark price in 2016, which was $721,600.

What does that mean for you as a homeowner? Right now, we’re seeing relative consistency in the benchmark price and sales activity. If you are looking forward to the sales market, you can expect the number of homes you will compete against to go up as inventory increases.

If you have any other questions about our current market or about the home buying or selling process, give me a call or send me an email. I would be happy to help you!