How was the market in 2017? For Lake County, Florida, it was amazing for buyers and sellers alike.
We started out with inventory at 5.8 months of supply, which means that we started out 2017 with a balanced market. However, we ended the year with a 3.6-month supply of inventory. This means that it would take 3.6 months to sell all of the available homes we have on the market.
In conjunction with that, the interest rates were still at an all-time low, which was very beneficial for buyers because it gave them more buying power.
We had a 7.6% increase in market value from the end of 2016, something that was good for sellers on the market for 2017.
Our average sales price for last year ended up being $203,000, which, when you take into consideration that 7.6% increase, ended up being very good.
The average list-to-sale price for the Lake County market was 96.3%. That’s accumulative of all the homes that sold in Lake County, Florida. We at the Mathison-Klein Group like to record our own stats, and our average list to sale price came in at 99%.
The average days on market for 2017 was 67 days, whereas the average for the Mathison-Klein Group was 31 days, which we were happy to report. We were actually able to average our sellers $6,000 more in their pocket, and we were able to sell their homes 36 days faster than the market average.
Now, let’s take a look at our market forecast for 2018.
It’s going to remain a very strong seller’s market, with the low inventory and the interest rates at a historic low—between 4.125% and 4.25%.
However, we do anticipate some changes in the interest rates, which means that if you’re a buyer, it’s going to affect your buying power. You won’t be able to afford as much of a home if you’re trying to stay within a certain monthly budget.
We do also anticipate an overall market increase of about 5% in 2018. When you take a look at all those different factors, one thing is clear. If you’re looking to buy or sell a home in this market, you should do it sooner rather than later. If you’re a buyer, you’ll be able to take advantage of the lower interest rates. If you’re a seller, you’re going to be able to take advantage of the fact that there’s not as much inventory available.
We also forecast that the market will steady out a little bit to become a more balanced market as we move deeper into 2018.
If you have any questions, you’re looking to buy or sell, or you want to know your home’s value, we would love to be able to help you. Please feel free to reach out to us. In the meantime, keep an eye out for our regular market updates.