Only 5 months left in 2016 and I wonder if we will look back on 2016 as the height of the residential real estate market recovery.
As a student of our local market, I must reflect on our past. The prices in Henderson County steadily increased through 2007 while the number of homes sold peaked out in 2005. It is interesting to me that prices continued to increase while the number of homes sold started to declined 2 years prior to the decline in prices. It was as though we were in denial that the market could not slow down or prices could not sustain.
Tracking rolling 12 month periods and comparing to the previous 12 months, our current market has continued to experience an increase in homes sold and increase in prices. The average price in Henderson County for a single family home is up almost $20,000 compared to the previous 12 months, however the number of homes sold is up ever so slightly and appears to be slowing down.
In my opinion, when the prices continue to increase and the number of homes sold decrease, it will signal another shift in the market and the start of a new real estate cycle. Now is the time to sell, while prices continue to increase at this time.
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The Noah George Team averages a home sold every 3 days and averages 3% more for our sellers compared to the original list price than the market average. Call Noah for a free home value and market analysis at (828) 393-0134.