Alright guys, here’s your April Real Estate Market Update. These monthly reports are not as long as the quarterly ones or as in depth so check out our archive to see our quarterly update. But here’s how we’re looking compared to a month ago.
2019 YTD vs. 2018 YTD for Feb.
- Average Price UP 4.6%
- Median Price UP 5.3%
- Residential Units Sold DOWN 3.1%
- Inventory Levels UP 34.4%
- Number of Listings UP 27.1%
- Foreclosures DOWN 2.6%
- Average Days on Market: 43
- Interest rates 4.35%
2019 YTD vs. 2018 YTD
- Average Price Up 4.1%
- Median Price Up 5.2%
- Residential Units Sold Down 2.1%
- Inventory Levels Up 26.8%
- Number of Listings Up 19.8%
- Foreclosures Down 1.7%
- Average Days on Market: 36
- Interest rates Up 4.06%
This set of stats deals with 2018 vs 2019. So we’re looking at end of Feb vs end of March. Remember to look at trends. For average and median price, it’s not much of a difference but we are not trending up as fast as we were and as we can see we are approaching the normal amount of price appreciation which is around 4%. Units sold are still trending down, but not as drastically. Number of listings are still trending up, but not up by as much. Foreclosures are still trending down, but not trending down as quickly. If you’re noticing any trend it is probably that things are starting to even out. Literally every change % stat, whether it was moving up or down is becoming smaller. The change is shrinking, which means the market is starting to even out slowly.
End of February there were 1518 Active listings on the market.
At the end of March there were 1461 Active listings on the market.
In February we had an average of 1961 Active listings over the last 12 months.
In March we had an average of 1969 Active listings over the last 12 months.
If you look at these 2 graphs it confirms what we noticed in the very 1st statistics at the top of the page. Even though when you look month to month our # of listings are down (much of that is seasonal), the 12 month average shows we are plateauing. All the change stats are getting smaller.
Number of Sales
In February we had an average of 1293 Sales over the last 12 months.
In March we had (no change) an average of 1293 Sales over the last 12 months.
As you can see 12 month ave # of Sales didn’t change at all.
Months of Inventory
If you remember, months of inventory is how long it would take to sell all the current # of homes on the market if no new homes were listed. Supply and Demand can be, and typically is, very different depending on your price point. Case in point. The price point over $1 Million had 9.88 months of inventory just in Feb. At the end of March they had 11.39 months of inventory. That means that it’s taking longer to sell.
The 140-$400k price point overall didn’t change much, but went down slightly (so that means they’re selling a little faster and for buyers it’s harder to get your offer accepted). However the 400-$500k price point dropped significantly from 2.07 to 1.7 months of inventory. That’s great news for sellers in that price point. And remember on average in our market 5 to 6 months of inventory means it’s an even market where buyers and sellers are on an even playing field. So as you can see, sellers still have a huge advantage and it doesn’t look like that’s changing any time this year.
If you have any questions about the market reach out. We’re #1 for a reason. We have buyer and seller specialist. Our sellers specialists are the best at marketing our listings and getting top dollar. Our buyer specialists know how to get our buyers to the best deals 1st and how to get our offers accepted. Even if you’re just curious or have questions, reach out any time. (719) 280-5202