Much like we said in our Market Update video last week, now is the time to sell your home in Jamaica Plain. The usual summer slowdown is starting, and placing your home on the market now will get you more attention from qualified buyers. On our postcard for this month, we showed that prices for single-family homes are up this quarter over 2016 by $140,000. 

JP SINGLE FAMILY HOMES SALES

April - June
2016
2017
Number of Sales:
23
22
Average Days on Market:
34
27
Average Sales Price
$857,609
$998,594

JP CONDOMINUM HOMES SALES

April - June
2016
2017
Number of Sales:
139
115
Average Days on Market:
39
20
Average Sales Price
$562,092
$607,838

JP MULTI-FAMILY HOMES SALES

April - June
2016
2017
Number of Sales:
11
7
Average Days on Market:
36
20
Average Sales Price
$1,017,864
$1,069,714

This trend in not just local. It's national. The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.”

The survey revealed that 75% of homeowners think now is a good time to sell, compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed.

Even though homeowners believe that now is a good time to sell, many have not taken the step to list their homes, as inventory shortages still exist across the country. Lawrence Yun, NAR’s Chief Economist, had this to say:

“There are just not enough homeowners deciding to sell because they’re either content where they are, holding off until they build more equity, or hesitant seeing as it will be difficult to find an affordable home to buy…

As a result, inventory conditions have worsened and are restricting sales from breaking out while contributing to price appreciation that remains far above income growth.”

Bottom Line

If you are wondering if now is a good time to sell your house, let’s get together to discuss the opportunities available in our market.

Parts of this article originally appeared on Simplifying the Market.