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Although the median price of residential real estate of $86,500 is down 8.9% from 2015's all time high of $95,000, it is still above the average of the previous 5 years, according to data released this month from the Nolan County Board of Realters. That trend is mirrored in the median price per square foot of residential real estate for 2016 of $55.00...off 8.1% from the record set in 2015, yet above the 5 year average.

The median Days on Market (DOM) for 2016 has seen a dramatic increase of over 23% to 127 days, attributable in large part to the new Closing Disclosure regulations according to the Nolan County Board of Realtors. This demonstrates an important aspect of the value of using a realtor in your real estate transactions. Your time is money and you need a professional to watch over the timelines of your transaction. Also, the importance of an accurate asking price cannot be overstated, as the median sales/list price ratio has decreased nearly 2% from the previous year... from 95.9% to 94.23% Statistics have proven that a properly priced home sells for more money in the least amount of time, compared to homes that are initally overpriced.

	2011	2012	2013	2014	2015	2016
SALES	50	87	92	103	97	88
MEDIAN $	81,450	82,500	87,000	80,000	95,000	86,500
$/sf*	48.50	49.96	55.00	53.95	59.88	55.00
DOM**	112	100	86	92	103	127
S/L***	94.3%	95.1%	95.7%	93.3%	95.9%	94.23%

*Price per square

**Days on Market

***Sales to List Price ratio

Article from Tuesday February 28, 2017 issue of Real Estate Now, Sweetwater's Timely and Newsworthy Real Estate Guide

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