The following information compares Oct-2016 vs Oct-2017.
- The median sold price is up 5%, from $505k to $520k. Additionally, the median price of for sale properties is up 7% and the median price of sold properties is up 5%. What does this mean? Industry leaders do expect the market to adjust, so for anyone that is thinking of selling their home, right now is the time where one can get the most money for their property. When the market does adjust, properties will, most likely, sell for less than one could get for it in today’s market.
- The number of Expired properties is down 9%. Well priced homes that are put up for sale have less of a chance of expiring than this time last year.
- The average days on market (DOM) is down 14%, from 41 days to 35 days. That’s a difference of almost a week. On average, properties are selling more quickly and staying a whole week less on the market for sale.
- The average months supply of inventory is down 28%. Low inventory drives supply and demand. Right now, we are not building homes as fast as people need them. We are behind 1.7 months.