Like any good Realtor, it is important to me to stay knowledgeable about local, national and global market trends in order to communicate with and equip our Buyers and Sellers so that they can make the most educated decision possible to meet their Real Estate goals.
As soon as people find out that I am a Licensed Realtor they always ask “What is the market like in our area?” Thanks to Amber Hale, Realtor at Keller Williams Realty Farmington; I have those numbers monthly at my fingertips.
Average Days on the Market for San Juan County:
Overall: 87 ( down from 103); Aztec: 94 (down from 109); Bloomfield: 121 (down from 127); Farmington: 78 (down from 91); Kirtland: 103 (down from 130).
What does that mean? Average days on the market gives us a good idea of how long homes in certain areas of San Juan County are currently taking to sell.
For sellers: your local, educated Realtor can give you a closer snapshot of the average days for your neighborhood in our free consultation.
For Buyers: this number can give us an understanding of how the home is priced in comparison to the current market, and how motivated the sellers are.
Median Home Prices:
Median list price for San Juan County is $185,000; Median sold price is $175,000.00 and Average Sales price is $193,503 up from $187,075.00.
What does this mean?
When selling or buying a home, the most useful information associated with Median Listing Price is the trend displayed in the numbers. If the figures show a downward trend, it means that sellers are dropping their prices in response to a softening market. A "soft" market is also referred to as a "cold" or "buyers" market. If Median Listing Price is trending down, it may take longer to sell a home and buyers may have more bargaining power. If Median Listing Price is trending up, the market may be "hot" and homes will likely be selling more quickly. Sellers will have the advantage when prices are going up.
The nitty gritty: How do the numbers compare to 2015?
As of November 2016, 613 listings were sold year to date down from 651 as of November 2015.
Average list price is up .18% from 2015
Average sales price is up 3.44% from 2015
Median Sales price is up $1,000 or .54% over 2015
As the temperature in many areas of the country starts to cool down, you might think that the housing market will do the same. This couldn’t be further from the truth especially here in the Four Corners as we start to see companies like WPX and other oilfield moguls rev up for 2017. Just in case you need them, here are a couple of reasons you should consider buying your new home this winter instead of waiting for spring!
1. Prices Will Continue to go up
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage interest rates are expected to rise
Your monthly housing cost is as much related to the price you pay for your home as it is to the mortgage interest rate you lock in. Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage are currently at 4.08%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year. An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. Either Way You’re Paying a Mortgage
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s. As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Questions? Ready to talk about buying your new home? Call, text, or email me! I want to be your Realtor and will work hard to help you find the home you are looking for! I can show you any home in San Juan County, including some for sale by owner homes!