The story has remained consistent as concerns residential real estate. In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Meanwhile, homes are selling in fewer days and for higher prices. This hasn’t always been the case, but it has occurred with enough regularity and for enough time to make it a trend for the entirety of 2016.
Closed Sales increased 25.7 percent for existing homes and 26.4 percent for new homes. Pending Sales increased 14.0 percent for existing homes and 7.2 percent for new homes. Inventory decreased 30.4 percent for existing homes but increased 1.1 percent for new homes. Days on Market decreased 20.9 percent for existing homes but increased 4.6 percent for new homes. Supply decreased 34.4 percent for existing homes and 10.5 percent for new homes.
Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after. Long term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend shift was hard to come by, and unemployment rates have not budged since August 2015. Post-election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.
For more market numbers, click here *Information courtesy of KCRAR and Heartland MLS