Batavia Home Sales Update Covering Feb 2017 | Clermont Homes For Sale | Batavia School District
Home Sales in Batavia School District
The update for February brings great news for the housing market in the Batavia School District! While the total number of closed homes dropped off from January, the number of pending homes jumped while the number of active listings remained steady. Also the average sale price jumped a bit as well. Much of this is being influenced by new construction. With new construction, existing home owners who have been wanting to build are now doing it creating choices of existing homes for new buyers.
Tempering this a bit is the “Absorption Rate.” In February it increased to 4.1. While still good, it means it is a bit closer to a balanced market, not strongly favoring sellers or buyers. This is also reflected in a slight increase in the days on market.
It is expected that interest rates will increase sometime during the year, but marginally. An increase in the interest rate negatively impacts buyers faster than higher prices. A higher interest rate means a buyer is not able to borrow as much meaning they aren’t able to buy as much of a home as they had been.
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Batavia School District Market Update (Each month is the previous 6 months totals & averages)
|Active Listings||Pending Listings||Sold Listings||Avg Active Price||Avg Sold Price||% of List |
To Sale Price
> 6 = Buyer's Market
< 5 = Seller's Market