December 2016 Preston Report1/20/2017
The year was not as down as most think. Some call it a buyers market and others still a sellers market. It depends on the price range and area, but over all we have a balanced market.
2016 saw a 3.73% drop in closed sales from 2015. Most of this came from new construction which new home sales were down 12% for the year. The fourth quarter finished strong giving a little rebound. New homes sales were down 19% for YTD before the fourth quarter.
Active listing fell again in December keeping with tradition cycles of listing numbers falling leading into winter. Which did not happen last year and they continued to rise during the fall and winter. They settle down to 1532 active listings from the high of 1800 in June of this year.
Pending listings are down as well but compared to previous years we are still seeing better closing numbers compared to pending contracts.
The higher end market was slow this year but December saw eight closed homes of over a million dollars for a total of 34 closed for 2016.
We were down 156 Transactions from last years 4313 closed deals. As compared to 2008 when we were down 511 transactions from 3746 closed deals in 2007. A lot fewer lost transactions from even a bigger previous year.