Local Home Sales Off To Slightly Slow Start In 2018
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I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market...
OK -- now, let's take a look a few of the main indicators for our local housing market....
As shown above....
- Home sales slowed slightly in January 2018 to 61 home sales -- down 11.59% as compared to January 2017.
- The annual pace of sales has dropped 4.79% over the past year -- from 1,315 sales to 1,252 sales.
- Prices continue to trend upward -- having risen 4.11% over the past year, from $192,000 to $199,882.
- Homes are selling much more quickly -- with median days on market having dropped 32.65% from 49 days to 33 days!
As shown above, January 2018 home sales were right in the middle of the pack as contextualized by the previous three years. And in some ways, we should expect to see around 70 home sales next month -- however....
Contract activity in January 2018 was much stronger than could have been expected. Buyers (and sellers) signed 85 contracts in January -- as compared to only 67 last January. Thus, it is reasonable expect we'll probably see somewhat of a bump in home sales in February.
And perhaps that is why so many homes are selling so quickly. Almost half of the homes that have sold in the past year have gone under contract within 30 days of coming on the market!
OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or keep reading my blog in the coming days for further commentary.
If you're thinking of buying or selling soon ---
SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing.
For further reading on buying or selling in this area, check out....
