One year change in closed sales: (-)16.7%
One year change in median sales Price: (+) 3.4%
One year change in homes for sale: (-) 31.4%
As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates.
The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon. New Listings were down 11.9 percent to 177. Pending Sales increased 46.5 percent to 167. Inventory shrank 31.4 percent to 551 units. Prices moved higher as Median Sales Price was up 3.4 percent to $155,000. Days on Market increased 3.3 percent to 93. Months Supply of Homes for Sale was down 35.1 percent to 3.7 months, indicating that demand increased relative to supply. This is the lowest that the months of inventory has been in Portage County since before 2004. Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part!
As soon to be outgoing President of Portage County Association of REALTORS, digesting this data, and seeing the upticking of interest rates as of late, I would encourage those that are considering selling their Portage County homes to do so sooner, rather than later. Of course different price points still take longer to sell as there are fewer available buyers...patience there is key. From Portage County Association of REALTORS°, may you enjoy a blessed Thanksgiving!
Portage County Association of Realtors, "Helping Our Neighbors & Protecting the American Dream."
Carol Foote is the president of the Portage County Association of Realtors.