Home Sale Trends in 2016

Are you running out of space in your current home or thinking about downsizing now that you’re an empty nester? Either way, now may be an ideal time to sell your home. According to the National Association of Realtors (NAR), 2016 existing home sales marked the best year in a decade.

According to NAR’s Existing Home Sales for December 2016, townhouses, condos, co-ops and single-family home sales were the highest they’ve been since 2006, ending the year with 5.45 million in sales. The average price of existing homes for all housing types also increased during December 2016 to $232,200, which is 4 percent higher than December 2015’s price of $223,200. This milestone marks the 58th consecutive month of year-over-year price increases.

“Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” NAR Chief Economist Lawrence Yun said.

If trends remain constant for 2017, this year may be the year to consider making that move you’ve been waiting for. Selling a home can be an investment if done wisely – we suggest analyzing the market in your region, watching the buyer and seller supply and demand, and meeting with a mortgage specialist to ensure it is the optimal time for you to sell.

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This article is for informational purposes only and is general in nature. It’s provided for educational purposes only. The information contained herein may not be applicable to every situation or jurisdiction, and we encourage you to consult with your professional advisor prior to acting on information contained herein for advice applicable to your specific situation. Camden National Bank makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented.