Quote:
Originally Posted by newts
Average price is not a reliable measure in last years market. Average price was inflated last year because of the increase of luxury properties (1MM+) sold in relation to the 2015 market. Due to the correction in pricing in this category, this attracted more buyers to the category, hence driving the average of the entire market up.
A better measure is the benchmark price, which basically measures the range where most homes are sold. Through 2016, this measure was down consistently -3% to -4% every month, vs. same period prior year.
As for unit increases, it's not surprising as 2016 was historically a very bad year. As the economic sentiment seems better today than it did a year ago, it's not surprising to see unit sales increasing in the last couple of months.
I would say that based on low numbers and seasonality, these aren't great months to gauge what the market is going to do moving forward, but a good sign nonetheless (if you're wanting to sell).
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I hear this a lot, but see very few stats to back it up.
Do you have by any chance:
- # of +1MM homes sold in 2016 vs 2015?
- % of total homes sold are +1MM in 2016 vs 2015?