This is a comparison of this month over the same month in 2016. For details behind the figures, please contact Kris Wise with the Wise Advantage Group- Keller Williams Realty.
Median price is DOWN as compared to last year by 6.3%. This means that more lower-priced homes sold this year than last with the overwhelming majority of home sales, almost 40%, in the $300,000-$399,000 range. This represents a shift in the market downward as earlier this year more homes were selling over $400,000 than in recent years and this came to an abrupt slow down over the summer.
Active listings are DOWN 11.6% to only 213 homes on the market this month. What we are seeing in the market is “market fatigue” in that with prices going up and up earlier this year, it got to a point that buyers weren’t willing to pay the high prices and many listings sat and ultimately went off the market.
Closed sales are up 41.8% to 112 this month and that represents the large number of under $400K homes that have closed.
Months of inventory is down to 2 months as compared to 2.2 months last year. This means that it will take 2 months to absorb the current inventory on the market. This is still an overall strong seller’s market with some price points remaining as a hot buyer’s market so when you hear “I thought this was a seller’s market?” and you are looking at $800,000 homes, it is indeed a buyer’s market at that price point.
Days on market is down 21 days from last year which means the lower priced homes are selling faster which is a delight to sellers.
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