Like any good Realtor, it is important to me to keep my fingers on the pulse and 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 as of March 2017:
Overall: 91 (up from 86); Aztec: 104 (up from 86); Bloomfield: 91 (down from 148); Farmington: 89 (up from 79); Kirtland: 99 (down from 46).
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 $187,750; Median sold price is $173,750.00 and Average Sales price is $186,323.00 down from $200,257.00.
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 "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 2016?
As of March 2017, 140 listings were sold year to date up from 110 as of March 2017.
As the temperature in many areas of the country starts to rise (we hope) some might think that the housing market will continue to do the same.
The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more! Alaska, Delaware, West Virginia & Wyoming were the only states where home prices are lower than they were last year.
Some might say that the success of the housing market is strongly tied to the consumer confidence in the overall economy. For that reason, I believe 2017 will be a great year for real estate.
Here is just a snapshot of the news coverage on the subject.
HousingWire: “Consumers’ faith in the housing market is stronger than it’s ever been before, according to a newly released survey from Fannie Mae.”
Bloomberg: “Americans’ confidence continued to mount last week as the Bloomberg Consumer Comfort Index reached the highest point in a decade on more-upbeat assessments about the economy and buying climate.”
Yahoo Finance: “Confidence continues to rise among America’s consumers…the latest consumer sentiment numbers from the University of Michigan showed that in March confidence rose again.”
MarketWatch: “U.S. consumers are the most confident in the U.S. economy in 15 years, buoyed by the strongest job market since before the Great Recession. The survey of consumer confidence rose…according to the Conference Board, the private company that publishes the index. That’s the highest level since July 2001.”
The take away?
Across the nation, we are seeing the most positive consumer take on housing since the recovery started. If you are thinking of buying or selling, talk to your friendly local Real Estate Broker to see if the numbers make sense for you.