This August's Real Estate Market Set Records

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Today I’d like to take a look at our real estate market for August of 2017.

During the month of August, we had 9,780 homes come on the market, compared to the 9,333 that came on the market this time last year.

The difference between these numbers means an increase of 4.2% from 2016 until now in terms of new homes on the market.

Active listings, though, have gone down. This statistic saw a decrease of 8.8%, going from 21,787 active listings in 2016 to 19,877 in August of this year.

In terms of sold homes, we had 8,251 this year. This constitutes a 4% increase from the number of sold homes in August of 2016, which was 7,932.

The months' supply of inventory right now is sitting at about 2.41 months—a decrease of 13.4% from last year’s 2.75 months.

A reduction of homes coming on the market combined with an increased number of homes being sold has lead to this decreased supply.

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Right now is a great time for buyers and sellers alike to make their move.

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This means that we are still in a seller’s market.

Demand is also still very strong, since interest rates are lower than they’ve been all year. Right now, a 30-year fixed interest rate is about 3.78% on average. The average for a 15-year fixed is just 3.08%.

All of these factors have combined to create a very interesting market. We’ve got record-low interest rates, the lowest inventory we’ve seen in about 10 years, and a lot of demand.

Ultimately, now is a great time to move forward with a real estate transaction whether you’re looking to buy or sell.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Dave - "Jason’s entire team was very professional in how they treated their clients and they responded very well."

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Sue - "The Penrose Team did a good job for me. I got a lot of money for the first house they sold for me. It was much more than all the other Realtors had said I could get for it, which we were very happy about. They just advertise better and have a wide advertising area. They are good team and would do a good job for you, hire them!"

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Brenda - "The Penrose Team was just always there for us and kept us up to date with the whole process. We weren’t actually the ones that purchased the home, my in-laws did but they included us in everything which was awesome. They were just absolutely wonderful and if we ever needed anything, they were there to answer."

Amanda - "We had very positive results when we worked with the Penrose team especially when it came to the negotiations for the contract. We had some things to go over about the roof and Christin really took that at hand and worked with the sellers to make sure that we were getting the best possible outcome. They really took care of us!"

Bill - "They were able to sell our home in pretty difficult circumstances. We had some terrible construction in front of our house, there were a lot of pigeons and their droppings, and the HOA wasn’t keeping up the property as well as they should have. When people were complaining about the droppings, they dispatched someone out to the house to tidy it up and they just kept going until they found a buyer for us. The whole experience was just great all the way around."

John - "They are absolutely phenomenal. I have nothing but positive things to say about the service I received. Nicole, Christin, and Jason were just really exceptional to work with and they all went above and beyond to help us."

Keith - "They always kept me abreast of everything that was transpiring with the transaction, especially once the contract came about. They did a very nice job of representing my position to the seller’s agent."

Brittany - "I was not kept in the loop with my previous real estate transaction so I really appreciated Jason touching base with me when anything changed and making weekly calls to ensure I was kept up to date. My house sold quickly and it was just a really good experience."

Linda -"We had a previous real estate person who had the house for five months. There were no offers or anything. Jason and his team came in, took pictures, put it up on the MLS, and sold the house within a week for the full asking price. The girls in the office were very helpful. The buyer had neglected to mention that he was married, so they had to overnight a form for his wife to sign. They kept me updated throughout, and they were right on top of it the whole time!"

Cathi -"I want to thank Jason and his team for getting us through this transaction and selling our house! The last several months have been crazy, and we finally got the deal done. It would not have happened without Jason and his entire team, particularly Nicole. She has been my partner every step of the way. She's awesome. She was right on top of things and put up with my constant questions, which we really appreciated. At times it didn't feel like this transaction would be successful, and thanks to them it was!"

2 comments :

Owais RazaOctober 5, 2017 at 1:01 PM
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Lynna ConnerFebruary 4, 2018 at 4:45 AM
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