Overall market real estate market conditions throughout the month of October were stable, but home sales continued at blistering speeds. The median home sale price increased to $285,000, up about four percent from this time last year. A little over 1,481 home sold during the month, a drop of about a half a percent in the same time period.
Condo and townhome sales continue to strengthen as we close out 2015, with sales up three percent compared with October 2014. But the big story is that prices for condos and townhomes increased 11% over this time.
Buyers are still struggling to find what they are looking for in the $150,000 to $200,000 price range. These homes are continuing to sell very quickly, and there simply aren’t enough homes to serve the influx of buyers we have seen this year. Cheap, available credit and improving real estate market conditions are likely factors driving this year’s strong numbers.
First-time homebuyers continue their search for homes, making up a portion of buyers in that critical price range. Their biggest challenge: competing with multiple cash offers from investors or developers. Our advice: move quickly. If you come across something you love, chances are, someone else loves it too (and maybe more!)
Median Home Price: $285,000
Days on the Market: 37 days
Condo/Townhome Median Price: $145,000 (+11%)
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