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2017 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 2017 Market Update
Average Sold Home Price: $350,000

Average Time on Market: 30-60 days

Best Selling Price Range: $400,000 - $449,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: No Change

Buyer's or Seller's Market: Equal buyers and sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

Multiple Offers Commentary: If a house is priced below the market, the answer is yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Good Supply

Greatest Activity: First Time Buyers

Best reason to buy or sell: Population Growth

Nearest Metro Area: Washington

Housing Hot Spots: Gainesville, Haymarket, Manassas, Fairfax

Average Sold Home Price: $350,000

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Roseann Willoughby
540-497-2675
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Real Estate Professional, Roseann Willoughby Roseann Willoughby
Horizon Real Estate, Inc.
Specializing in The Plains Real Estate
26 N. 5th Street
Warrenton, Virginia 20186
540-497-2675
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Roseann Willoughby for current The Plains, VA market conditions before acting on this information.)
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