How About Some Good Ole Fashion Statistics from the REALTORS® CONFIDENCE INDEX SURVEY Report on the November 2016 Survey

2016 realtor confidence indexThe REALTORS® Confidence Index ( RCI) report provides monthly information about real estate market conditions and expectations, buyer/seller traffic, price trends, buyers’ characteristics, and issues affecting real estate transactions based on a monthly survey of REALTORS®

Here are a few highlights from the November 2016 Report:

  1. Realtors Reported Strong Buyer Traffic Amid Tight Supply
  2. Reaotors Are generally Optimistic Over the Next Six Months
  3. More Properties Sold at Original List Price or at a Premium Form One Year Ago
  4. Realtors Expect Modest Price Change in Next 12 Months
  5. Properties Typically on the Market 43 days
  6. Sales to 1st time buyers 32 Percent of Sales
  7. Distressed Sales: Six Percent of Sales
  8. Sales for Investment Purposes: 12 Percent of Sales
  9. Cash Sales: 21 Percent of Sales(this one surprised me)
  10. Percentage of Mortgage Sales with a Down-payment of At Least 20 Percent as of November 2016: 38 Percent
  11. Issues Affecting Transactions: Contract Settlement, Financing, Home Inspections, Appraisals(what else is there)

I thought this article would be a great way to start the New Year as you make plans for your business for 2017.

Happy New Year!

Dan McKenzie
Managing Partner, Options Mortgage Services