Market Statistics – November 2017

November 2017

Prior Year

Current Year

+/-

Average Sales Price

$160,665

$192,565

+19.9%

Median Sales Price

149,350

175,000

+17.2%

Inventory of Homes for Sale

1,337

1,144

-14.4%

Days on Market

167

151

-9.8%

Closed Sales

153

197

+28.8%

The facts of residential real estate have remained consistent in 2017. In year-over-year comparisons, the number of homes for sale has been fewer in most locales, and homes have been selling in fewer days for higher prices. This hasn't always been true, but it has been a common enough storyline to make it an overarching trend for the year. New Listings were up 17.4 percent to 236. Pending Sales increased 9.8 percent to 179. Inventory shrank 14.4 percent to 1,144 units. Prices moved higher as Median Sales Price was up 17.2 percent to $175,000. Days on Market decreased 9.6 percent to 151 days. Months Supply of Inventory was down 21.6 percent to 5.8 months, indicating that demand increased relative to supply. New tax legislation could have ramifications on housing.

 

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