Market Statistics – March 2018

March 2018

Prior Year

Current Year

+/-

Average Sales Price

$177,744

$177,360

-0.2%

Median Sales Price

164,900

162,000

-1.8%

Inventory of Homes for Sale

1,346

1,089

-19.1%

Days on Market

164

147

-10.4%

Closed Sales

203

179

-11.8%

 

 

New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.

 

New Listings were down 18.4 percent to 266. Pending Sales increased 12.7 percent to 231. Inventory shrank 19.1 percent to 1,089 units. Prices were still soft as Median Sales Price was down 1.8 percent to $162,000. Days on Market decreased 10.4 percent to 147 days. Months Supply of Inventory was down 28.0 percent to 5.4 months, indicating that demand increased relative to supply.

 

The Federal Reserve raised its key short-term interest rate by .25 percent in March, citing concerns about inflation. It is the sixth rate increase by the Fed since December 2015, and at least two more rate increases are expected this year. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages, but rising wages and a low national unemployment rate that has been at 4.1 percent for five months in a row would seem to indicate that we are prepared for this. And although mortgage rates have risen to their highest point in four years, they have been quite low for several years.

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