Our new 2017 fourth quarter postcard should be hitting your mailboxes soon, shortly followed by a year-end look at the Jamaica Plain housing market. As we looked at the final data on the 2017 housing market, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME! 


How did we finish 2017?

Here's an at-a-glance look at 2016 over 2017 in Jamaica Plain:

Single Family Homes
2016
2017
Number of Sales:
85
65
Average Days on Market:
48
34
Average Sales Price
$814,245
$956,549
Condominium Homes
2016
2017
Number of Sales:
402
376
Average Days on Market:
36
28
Average Sales Price
$553,471
$586,301
Multi-Family Homes
2016
2017
Number of Sales:
51
31
Average Days on Market:
39
53
Average Sales Price
$1,100,753
$1,414,089

Things to Note

  1. New-home sales were at their highest level in a decade.
  2. Sales of previously owned homes were at their highest level in more than a decade.
  3. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.

And Bloomberg Business just reported:

“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”

And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in the supply of 9.7% from the same time last year.


Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood.

Parts of this article originally appeared in Simplifying the Market.