2017 BRIX Midyear Report

KEY TERM & GRAPH 6 N U M B E R S W E ’ R E PAY I N G AT T E N T I O N T O T H E TA K E WAY

SUMMER 2017

2017 MIDYEAR REPORT

SUMMER 2017

MARKET WILL REMAIN STRONG THROUGH 2017 KEY TERM

LIMITED INVENTORY While historically the market slows down in the second half of the year, we expect the pace of home sales to continue to be strong. With such limited inventory, buyers are having to stretch out the time period they spend looking for homes.

KEY GRAPH

MEDIAN HOME VALUE $240K

$220K

$200K

$180K

$160K

$140K 1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

KEY NUMBERS

5.77% .

$230K+

Median sales prices are up YOY 5.77% in the 16 county metro area.

All-time record median sale value, surpassing December 2006.

29 DAYS

12,342

Homes are selling in a record median average of 29 days.

The total number of homes for sale, an all-time low.

99%

>49 DAYS

Sellers are getting an incredible 99% of their original listing price.

The $250k and under market has a 1.6 months supply of houses.*

*a balanced market will have a supply of 5-7 months

WHAT WE’RE WATCHING

SUMMER 2017

K E Y TA K E AWAY S

WHO SHOULD SELL? People who are planning to purchase a more expensive property than the one they currently live in should consider doing that now. The housing inventory shortage is greater at lower price points so a seller can take advantage of selling in an inventory dry environment while simultaneously purchasing their new home in a more balanced market.

WHO SHOULD BUY? It really depends. If you’re planning on being in a home for 3 years or longer, buying could be more economically beneficial. On the other hand, renting is not a dirty word. It can provide a lot of flexibility while the market is red hot.

As we always say, you shouldn’t view your home-buying decision solely as an investment strategy. Make sure the decision also fits with your lifestyle.

All info is provided by the North Star MLS.

QUESTIONS?

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