Market trends are something to keep in mind while wondering what to expect in the coming year.

One of the first steps to being a savvy buyer or seller is knowing the market, and taking advantage of its fluctuations to accomplish your goals. At Showcase, we analyze and publish our quarterly and yearly stats so you can buy and sell with confidence. Here are some of the most important market trends from 2016 that can help you in your real estate endeavors this year:

 

Limited inventory of residential homes could be a very good thing for sellers.

The residential market last year set up 2017 to be an excellent environment for sellers. 2016 saw a 7.7% dip in new properties put on the market, creating scarcity for buyers—and potential profit for those with properties actively listed. Sellers also stand to gain more if 2016’s single family home trends continue. The average sale price for a home rose from $144,929 in 2015 to $161,189. If inventory continues to remain limited, sellers will be able to command better prices and net bigger profits.

For more details on residential market trends See our 2016-2017 First Quarter Comparison.

Mini-farms are a selling like hot-cakes.

In farm properties, sales in the ten point one to twenty and twenty to sixty-ace ranges grew the most in 2016, with an eighteen point eight and fifteen point fifteen increase in total properties sold, respectively. However, mini-farms between three and six acres boasted the best price per acre at $65,071, with six point one to ten-acre farms in second with $39,941 per acre. Mini-farms are also the new hot commodity in 2017, with a seventy-seven point seven quarter-over-quarter leap in sales volume, and a small but steady increase of eleven point forty-eight in price per acre.

For more details on farm market trends See our 2016-2017 First Quarter Comparison.

In demand currently? Inventory in the higher ranges of thirty acres or more.

Vacant land is performing very well in quarter-over-growth. Point one to ten acre parcel total sales climbed forty-one point fifty-five percent compared to first quarter last year, and total sales of ten point one to twenty acre listings swelled by eighty percent. Inventory in the higher ranges of thirty acres or more is scarce, creating a demand that those considering selling would do well to capitalize upon.

For more details on vacant land market trends See our 2016-2017 First Quarter Comparison.


For more information on the health of the local real estate market, contact us!
Our team members are always available to keep you informed so you can buy and sell with confidence.