Now that the new year has arrived, let’s take a look back at how our 2017 market report compares year over year with 2016.
Today, I want to share an overview of the 2017 market report with you. Along with that, I’ll also be going over how the 2017 market compared year over year to 2016.
In North Alabama, we had an exciting and prosperous year. We saw positive improvement in all categories for 2017 over the previous year.
On a more personal note, 2017 was also an incredible, record-breaking year for all of us here at Amanda Howard Real Estate. Last year, we had the privilege of serving 860 families. That’s a 21% increase from the number of families we were able to serve in 2016.
As far as the local marketplace goes, the largest increase we saw was in total residential sales, which grew 10% year over year from 2016.
In 2017, we experienced a seller’s market for most of the year. With that being said, there was a substantial decrease last year in the average number of days on market. In 2016, homes spent an average of 90 days on market, while in 2017 that number dropped to an average of 75 days. That amounts to a 16% decrease.
Moving on, I’ve got good news when it comes to value. In 2017, we saw an increase of approximately 5% for both the average list price and the average sold price.
Our current absorption rate has been another interesting aspect of the market to watch. Right now, there is an 18% deficit in the number of homes available from what we saw in 2016. However, it is typical for there to be lower levels of inventory at this time of year.
You can view a more complete account of our market statistics on this chart below.
If you have any other questions, would like more information, or have any real estate needs my team can assist you with, feel free to give me a call or send me an email. I look forward to hearing from you soon. Until next time, make it a great week.