My March Market Watch
Prices Rise With The Spring Temperature!
In its most recent quarterly report, the National Association of REALTORS (NAR) revealed that sales prices in over half of the markets measured since 2005 are now at or above their previous peak level. The median price for an existing single-family home during the last three months of 2016 increased in 89 of the markets tracked, with 158 out of 178 metropolitan statistical areas showing sales price increases in the fourth quarter of 2016 compared with the fourth quarter of 2015.
Locally in Bridgewater, the average selling price for single family homes in the third and fourth quarter of 2016 was $480,470, up 8.5 percent from the same period of 2015.
In all of 2016, an average of 87 percent of the markets NAR studied saw increasing home prices, which is up from the averages in 2015 and 2014.
NAR Chief Economist Lawrence Yun noted that depressed inventory of new and existing homes led to “several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets.” This is a key driver in the current Bridgewater market.
If you are considering purchasing or selling a home, here are a few points you may want to keep in mind throughout the process.
Don’t assume that daily news reports about real estate will determine your level of success with your own real estate goals. National data can provide an overall temperature of the market; however, your success will be based on your particular marketplace and other more subjective factors relating specifically to the property which could impact the result. For example, how many homes are on the market in your price point and with similar characteristics? How many days were they on the market? There is a significant amount of information to collect and analyze.
Don’t” speculate or attempt to try to time the market. By the time you think you should make a move, the market may have already changed.
You have experts, like myself, that can help you. There are so many variables that can determine your success, and I can provide you with advice to help guide you through the process. There is data readily available at any given moment, and I can help you evaluate the data so you can determine what actions to take.
To lean more about how local statistics can impact your overall goals, call me today and visit my profile page on www.ColdwellBankerHomes.com. Whether your market is hot, not, or rising, I can provide guidance and advise you on what you need to know.
Al Fross is a Coldwell Banker Residential Brokerage Sales Associate based in the Bedminster/Bridgewater office. Al has lived in the Bradley Gardens section of Bridgewater since 1993 and has been an active volunteer in many recreational and community organizations including serving as a current member of Bridgewater’s Board of Adjustment and as past Chairman of the Township’s Planning Board. His knowledge of the Bridgewater and surrounding areas makes him the perfect “partner” when selling your existing property or buying your new home.