Keller Williams

Market Update: Low Inventory Fuels the Pace of Home Sales

As we enter the final month of 2017, the speed of the sales process continues to accelerate due to healthy buyer demand and low inventory.

The time a home is actively on the market continues to decrease at all price points.  For buyers and sellers, everything is happening at a much faster pace. Sellers need to be ready to host showings immediately after a home becomes active on the MLS. Buyers need to see homes they like within the first few days and be prepared to make an offer shortly thereafter.

The number of showings for each home on the market has slowly increased over the last three years regardless of price point, a result of the higher number of potential buyers for each home available. As you would expect, the greater demand is focused on homes below $350,000.  In November, the median price for a home rose to $245,000, up 6.5% from the same time last year.