The National Association of Realtors’ most recent Existing Home Sales Report revealed that, compared to last year, home sales are up dramatically in five of the six price ranges they measure.
Homes priced between $100-250K showed a 20.7% increase year-over-year. This is an impressive increase, showing that November was an excellent month for home sales in this price range.
But surprisingly, the 20.7% increase in sales in this range was not the highest percent change achieved, as sales of homes over $250,000 increased by double-digit percentages with sales in the $750,000- $1 million range showing the largest increase, up 43.2%!
As prices in many markets continue to accelerate, it is no surprise to see the percentage of homes in the higher price ranges increasing.
Here is the breakdown:
Homes under $100,000 were the only group to show negative appreciation of sales at -2.4%. This not only points to the lower inventory of homes available for sale in this price range but also speaks to the overall strength of the housing market.
What does that mean to you if you are selling?
Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit down with your agent to see if it is priced appropriately to compete in today’s market.
About the Author:With over ten years of office management experience Tara is very eager and equipped to take on any challenge presented to her. She is detail oriented and uses her passion for customer service to ensure every client feels welcomed and taken care of. She utilizes her outstanding interpersonal and analytical skills to communicate with the Altitude Team to more effectively and efficiently maximize your buying or selling experience.