New Richmond Home Sales Update Covering Feb 2017 | Clermont Homes For Sale | New Richmond
Home Sales In The New Richmond School District |
Pierce, Monroe and Ohio Townships
For the month of February, New Richmond home sales were a bit sluggish. A key indicator, w
hich can be seen in the graph below, the absorption rate indicates the total months worth of inventory should sales continue at the current rate and there are no more homes added to the market. That number, if higher than 6, indicates what many call a buyer’s market. In February, the 6.2 number indicates a very weak buyer’s market.
Expectations for 2017 are for the housing market to continue to strengthen. The Fed on 3/15/17, the Ides of March, in anticipation of a continuing strengthening market place, increase the prime lending rate by a quarter percent. The Fed does not want the market to over heat and cause undue inflation, however, every time the interest increases, it causes some stress on what a buyer can purchase.
Bottom line is a word of caution for home buyers. The market is fairly steady but with an second interest rate expected later this year, delaying following through on a buying decision may mean you will have to settle for a less expensive when the rates rise if you want your payments to remain the same.
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New Richmond 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 | Absorption Rate > 6 = Buyer's Market < 5 = Seller's Market | Avg Days On Market |
|
|---|---|---|---|---|---|---|---|---|
| January, 2017 | ||||||||
| February, 2017 | 59 | 27 | 84 | $340,509 | $209,659 | 96.27% | 6.2 | 65 |
| March, 2017 | 76 | 21 | 86 | $306,173 | $223,515 | 96.35 | 6.78 | 63 |
| April, 2017 | 71 | 26 | 80 | $310,809 | $229,393 | 96.75% | 7.3 | 54 |
| May, 2017 | 69 | 28 | 91 | $349,450 | $234,156 | 96.8% | 6.38 | 53 |
| June, 2017 | 62 | 31 | 96 | $344,182 | $221,729 | 97.17% | 5.81 | 49 |
| July, 2017 | 71 | 31 | 94 | $326,465 | $237,712 | 97.25% | 6.5 | 50 |
| August, 2017 | 69 | 31 | 100 | $352,866 | $250,180 | 97.16% | 6.0 | 45 |
| September, 2017 | 68 | 23 | 107 | $320,539 | $258,541 | 96.73% | 5.1 | 50 |
| October, 2017 | ||||||||
| November, 2017 | 62 | 16 | 102 | $314,099 | $246,932 | 96.15% | 4.6 | 50 |
| December, 2017 | 50 | 16 | 94 | $318,926 | $241,494 | 95.56% | 4.2 | 51 |
