If we look at the latest numbers from our market, conditions are still favoring sellers.
What do the latest numbers say about our local market?
First, we have 1,083 properties listed for sale, whereas last year during this time we had about 981. That’s a slight increase, but it won’t have a significant impact on the overall state of our market.
We also have 354 properties under contract, which gives us a 32% pending ratio. This is a very healthy ratio to have because it shows that we’re in a level market. With roughly three months of inventory, we’re also still in a great seller’s market.
In the last six months, we’ve seen about 1,200 homes sell, which averages out to about 200 homes per month, but certain times of the year are usually busier than others in terms of sales. Early in the year, we might average 200 to 300 home sales a month, whereas during the summer that number usually increases.
Our average sales price is around $372,000, and sellers are selling for an average of 98.8% of their list price, which is really good.
The average days on market is 83 days, while the average days of what’s sold is 47 days. Remember, the latter number is smaller because homes that are in good condition and priced right sell much quicker than the ones whose condition isn’t up to par.
As always, if you’re thinking of buying or selling your home or you have any other questions about our market, don’t hesitate to reach out to me. I’d be happy to help you.