The market is still great for home sellers out there. Here are the numbers that back it up.
As we near the end of the summer, I wanted to talk to you about the local market and what we’ve been seeing lately.
Right now, we have about 830 active single-family homes on the market. At this time last year, we had 1,031, so inventory is down a bit.
38% of the active homes on the market are under contract, while 77 listings have expired over the last six months. Nine times out of 10, listings expire because of property condition and pricing.
As far as closed sales are concerned, we’ve had 1,132 in the last six months for single-family homes. In July alone of this year, we closed 310 properties, which is up a bit from the 290 we closed in July 2018. When we have an increase in sales coupled with a decrease in inventory, that’s a great sign for the health of our market.
The average list price for homes in the area is $389,000 and the average sale price is $378,000. That’s a 96% list-to-sale price ratio, which is pretty good.
The average days on market right now is about 48 for sold listings and 81 for all of the active inventory. The second number is always going to be higher because it skews marketing days because of the overpriced, bad condition homes out there.
The market is still great for home sellers out there. If you have any questions for us or you’re thinking about listing your home for sale, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.