It’s hard to believe that January has already come and gone, but now that it has, it’s time for a quick market update.
First, the number of new listings has dropped 4.8% since January 2017. The number of homes going under contract also dropped, going down 10.6% year over year.
The median price, meanwhile, saw a 1% increase. This is good news for sellers and homeowners alike.
The next two statistics we should consider are the number of homes for sale and the time they’re spending on the market. Current inventory is up approximately .5% since January of last year, leaving us with about 4.6 months of supply. This means we’re pretty close to a balanced market.
Partially as a result of this increased inventory, the length of time homes are spending on the market has also risen, going up 5% year over year to an average of 46 days. For sellers, this figure offers a good litmus test for how well you’ve priced your home. If your property takes more than 50 days to receive an offer in our current market, there is likely something wrong with its price, condition, or marketing.
As we progress further into 2019, we’ll continue to keep a close eye on the median price, the amount of inventory, and the length of time homes are taking to sell. So far, though, it appears that our market will remain strong through the coming months.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.