Woodloch Real Estate Blog

1504, 2017

Wayne Pike Real Estate Update – April 2017

The Real Estate MarketGreetings again!Well, the first quarter is behind us and the results are in. Let’s look at what happened.We’ve got good news and not so good news. Let me explain. First, the not so good news. Average residential prices at the end of the first quarter dropped 5% from $155,000 to $148,000 or about 5%. Now that’s not what we were hoping for. Of course, we know that prices in the first quarter are lower than at any time during the year so a lower price is understandable. However, when put in context, the metrics suggest a dip beyond normalcy—see 2007 to 2012 below:Now, let’s look at the next [...]

1201, 2017

Wayne Pike Real Estate Update – January 2017

The Real Estate Market Greetings to one and all and Happy New Year! The results are in and the year ended on a positive note. Yes, the market continues to improve. First, let’s report the real good stuff. Average residential prices increased to $161,000 which is a 10% plus increase over the $146,000 reported at the end of 2015. That’s significant and something we haven’t seen since 2006 when prices rose 9%! And the first time in 9 years that there’s been an improvement for end of the year prices. Based on MLS data the absorption rate declined which is also good news. Remember, absorption is nothing more than the [...]