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As we close out 2017, I want to discuss some statistics, a review of the year, and some projections for 2018. I have quite a few numbers in front of me; I like to keep an eye on the market and study homes and prices every day.
There are some interesting numbers for our market currently. In October of this year, our average sales price was slightly over $313,000. To give you an idea of where we’ve been, the height of our market was in 2006, when the average sales price was a little over $381,000. The low of the market was in 2011, with an average sales price of $157,000.
We’ve come a long way since that dip in 2011. In October 2017, values did increase by over 9.7% from the same month in 2016. We saw a lot of appreciation this year, which is wonderful news.
In 2018, we expect to see continued appreciation due to the generally low inventory. I’ve seen projections of anywhere between 4% and 9% next year, which is great for our market. If that continues for the following year, there’s a lot of uncertainty. We’re approaching what’s considered an overvalued market, meaning that it’s probably not sustainable over the long-term. Things will likely be good through next year, though there are many ideas about what will happen after that.
If you have questions about your home’s value or the market, please give us a call or send an email. We’d be happy to schedule you a valuation consultation and answer any questions you have.