The average days on market for August 2015 was 77 days, which is now a record low spanning all the way back to August 2010. The average for days on market has been decreasing since January 2015, where it spiked at 129 days after a previous period of decline. This clearly indicates excellent conditions for a continued seller’s market.
What does this information mean to you? Well, our local market has remained consistently in a seller’s market for more than two years. Interest rates, although rising slightly, are expected to remain at historical lows for another few months, and are predicted to climb to approximately 5% by year end. For those sellers who have equity as a result of the increase in property values, the time may be right for us to talk about your options. Give us a call at 775-453-0209.