Now that we’re at the beginning of a new year, I’d like to take a look at our local market. How was our overall market in 2017, and what can we expect from 2018?
Let’s start with our expectations for this year. First of all, we’re definitely in a seller’s market right now. This means there are currently more buyers than there are available homes.
As for the listings that are out there, homes are spending an average of about 55 days on market. Homes that are priced well are moving quickly.
But, what about 2017’s market? Let’s take a look back at what we saw.
First of all, the number of homes listed in Clarksville in 2017 actually went down from the previous year. In 2016 there were 1,169 homes on the market, while in 2017 there were just 1,007. That is a 13.68% decrease in terms of inventory.
In terms of closings, there were 4,249 properties closed in 2016 compared to 4,787 in 2017. This increase, a rise of about 13%, is another great sign for our market.
List prices are also increasing, but this statistic is less significant. In 2016 the average list price was $175,800. In 2017, the average price rose to $184,700.
But, the average close price is a much more important indicator of our market, so let’s take a look at that statistic. In 2016 the average close price was $174,000 and in 2017 the average close price was $182,800.
Even though 2017 is over and we’re at the beginning of a new year, the market is already very busy. Buyers are very serious at this time of year.
Currently, homes priced between $100,000 and $240,000 make up 25% of listings on the market. Homes within the range between $240,000 to $300,000 account for 11% of the market. Overall, it’s a great market and a great time to sell.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.