2017 First quarter sales data is now available and comparing the results from last year's data, first quarter sales increased. There was a 21.51% average price increase for this year's sales data. But regardless of the generated market report on home sales, the value of your home is not only contingent on the market report.
This year's first quarter sales for single-family homes and condos were comparatively higher than last year's report. There was also a 7.32% decrease in overall home sales and it can be noted that the average days on market went down by 21%. Smithtown's average sales price for homes increased by 19.09% Currently $551,370
Due to the decline in inventory levels down 28.14% with only 119 homes, pending sales were down. The Absorption Time is up 26.67% Currently 3.2 months
Comparing median prices from last year, this year's first quarter increased by 19%.
In economics, according to a definition by Investopedia.com, the law of supply and demand is the theory explaining the interaction between the supply of a resource and the demand for that resource. The real estate market is slowly transitioning to a buyer’s market with more people looking for a home to buy or for investment. Housing inventory plays a definitive role in determining future market values. With the growing transition to a buyer's market and limited inventory, buyers are often found competing with others in finding the home that they want and need. And with this, prices are noticeably increasing and sellers find themselves with multiple offers. For this year's first quarter results, single family home inventory went down by 11% and overall the decrease over last year for the market is 28.14%
On the plus side for sellers, in March, the median sales price increased to 19.09%. It's a great indicator that if buyers are looking, inventory will continue to decrease thus listing prices will increase.
If you are planning on selling, you can be assured that buyers are keeping a close eye on the market especially with the Spring Market in full bloom and the upcoming Summer season, it's a good time to list your property. Price Your Home Competitively and make sure it looks good and is ready for a buyer.
And if you're looking to buy a home, with the current low inventory of real estate, the major dilemma is the limited choices available in the market. Finding and working with the right realtor who understands the market will definitely help you find the best value for your money.
And if you have your eye on the market as a buyer or seller, contact me and Let's talk!