For many of my friends, customers, and clients, I like to send a monthly report on our local real estate market called "Market Watch". This month's report had some great statistics that I felt were important to share. As a Realtor, people ask me how the market is doing all the time, and it's nice to have some facts to share with them. According to Dr. Lawrence Yun, PhD, the lead economist for the National Association of Realtors, next year should see around a 2% growth in GDP; however, he is even more optimistic about real estate than the economy as a whole. His projections are that existing home sales will increase to reach a level of 5 million units, along with a 5% increase to the median price. He also projects that new construction will increase 25% next year, which, while being a huge increase over this year, it is important to note that new constructions levels have been very low for quite some time.
While these national numbers are quite optimistic, it is important to remember that real estate markets can be very localized. F.C. Tucker Emge REALTORS®, the brokerage I work for, is up over 12% year to date over last year. The current average sales price in our area is $125,300, and the median price is up over last year as well. It is encouraging to see these signs of continued real estate growth in our area, and I'm looking forward to the next year! If you know of anyone who has been thinking of buying or selling a home, feel free to share this information with them! Follow my blog, friend me on Facebook, and follow me on Twitter to keep up with all my posts!