It is time for another market minute. Today I want to catch you up on some of the latest statistics for our marketplace for the first five months of 2018.
It has been a fantastic year so far. Appreciation in Cuyahoga, Lorain, Medina, and Summit counties is at 8.6%. This is an absolutely blistering pace, equaling the pace of 2017 and almost doubling the normal rate for our Greater Cleveland area.
We are also selling properties at about 98.6% of asking price. Last year, we were selling properties at about 98%. There is even less room for negotiations because prices are even firmer now than last year. This means that it is a really good time to be a seller.
What is driving these great statistics? Low-inventory. Inventory is down 6% compared to last year, and last year was already a very low inventory environment.
The other thing helping our market is the fact that interest rates have increased. Currently, interest rates are at about 4.4% on average for a 30-year mortgage. Last year, they were 3.8% for a 30-year mortgage.
Buyers are afraid they are going to miss out on low interest rates so they are jumping into the market with still great rates. Buyers want to purchase, so it is a great time to take advantage of this market.
If you have any additional questions or are interested in buying or selling, please feel free to contact me by phone or email. I look forward to speaking with you soon.