Deciding whether to buy a house is a major financial decision, and it can be challenging to know when the best time to buy is. With conflicting information in the market, it can be confusing to know whether it’s a good time to purchase a property. In this blog, we’ll take a closer look at some of the key indicators of the housing market to help you determine whether you should buy a house right now based on statistics from our White Mountain Association of Realtors most current statistics. Let’s take a look at 4 key factors in our local market: absorption rate, average and median list price, average sale price and median sale price, and the number of sold listings and pending listings
One of the essential metrics to examine when evaluating the housing market is the absorption rate, which measures the rate at which homes are sold. According to recent data, the absorption rate has increased by over 100% year-over-year, suggesting a very active market. This means that properties are selling at a faster rate, which could be attributed to factors such as low-interest rates, pent-up demand from buyers, and a limited supply of housing inventory.
Another crucial metric to consider is the average and median list price. In the current local market, the average list price has decreased slightly year-over-year, while the median list price has increased. This variability in pricing could be attributed to location, size, condition, and other factors that impact home values. It’s essential to work with a knowledgeable real estate agent who can provide insights into local pricing trends and help you negotiate a fair price.
The average sale price and median sale price in the White Mountains are also important indicators to consider. The data shows that both the average sale price and median sale price have decreased slightly year-over-year. This could suggest a buyer’s market or less competition among buyers. However, it’s important to note that this trend may not be the same across all locations or property types.
The number of sold listings and pending listings has decreased year-over-year, indicating a possible slowdown in the market. However, this data should be taken with a grain of salt as many sellers have delayed listing their homes due to the COVID-19 pandemic, leading to a lower inventory of homes for sale.
On the other hand, the number of active listings in the White Mountains has increased significantly year-over-year, suggesting more supply for buyers to choose from. While this can be positive news for buyers, it’s crucial to consider other factors such as location, condition, and price.
Lastly, the number of new listings in the White Mountains has decreased year-over-year, which could indicate a possible lack of new inventory coming to the market. This trend may be due to various factors such as construction delays, lack of land availability, or a decrease in the number of people looking to sell their homes.
In conclusion, the current housing market in the White Mountains offers both opportunities and challenges for potential buyers. With a higher absorption rate, active market, and increased inventory, it may be a good time to consider purchasing a home. However, with variability in pricing and a possible slowdown in the market, it’s essential to do your due diligence and work with an experienced real estate agent to find the right property at the right price. Ultimately, the decision to buy a house right now depends on your personal circumstances and long-term financial goals. I’d love to help you through the process!