TORRINGTON – Information from the North Platte Valley Board of Realtors indicates area home owners might have an opportunity to take advantage of an improving market.
A year-end report from the North Platte Valley Board of Realtors shows a slight improvement in the seller’s market in 2017, and this activity might continue into 2018.
“Activity with buyer inquiries and showings has increased now that the holidays are over,” said Deidre Newman, president of the NPV Board of Realtors. “There are fewer houses on the market than there were last fall, and fewer properties under contract, showing progress in clearing out some of the housing inventory which is important for a healthy real estate market.”
Research for the report revealed that city residential sale prices rose from an average $143,428 in 2016, to average $160,421 in 2017. Farm and ranch prices saw an increase from $405,897 in 2016, to $439,218.
Although the report numbers seem favorable, Newman cautions against over optimism because the reported higher averages were likely indicative of the sale of higher priced properties, not of general inflation throughout the market.
Capable buyers are taking action and there are many good mortgage programs to choose from. Success in selling property correlates with the age, condition, location and proper pricing of the property, Newman added.
On the down side, commercial property prices declined by $10,656 from $125,389 to $114,733.
There was also a drop in the percentage of the listing price received at the time of sale of commercial property. The 2016 price fell from 93.43 percent to 89.59 percent in 2017. Newman noted the number of commercial properties on the market is not necessarily due to a lack of interest from buyers.
“It’s more an issue of inadequate cash for business startups,” she said.
Total listings sold were 263. These included 210 residential, 24 farm and ranch, and 12 commercial properties.
For those planning to sell their property, Newman said, “Prices are fairly stable, and with reduced inventories, it looks like a good time for sellers to begin getting their houses ready for marketing in the next couple of months.”
For more information on purchasing or selling property, contact one of the area’s real estate offices, and watch for the 2018 edition of the Torrington Telegram Realtor Guide later this winter.