Monday, May 13, 2019 / by Geoffrey Zahler
Here's a brief market update. As always, the numbers presented are for Single Family Residences only, and does not include townhomes or condos. If you want info on these, please contact one of your amazing Zahler Properties agents!
Market Update - Video Edition: https://youtu.be/03t3GfMl1e4
The Median Sales price held steady at $300,000, and this is now the 3rd month out of the last 4 that the Median Sales price remained at $300,000. In fact, going back to September of last year, $300,000 has been hit 4 times, but never ending the month higher than this. This leveling out is something we didn't see in 2017 or 2018, so could be an indication that while the market remains solid, we're not going to see the double digit gains we have for the last few years. This is something I have stated for a while. We're up 3.7% year over year, which is in the range (3-7%) that I had predicted.
The Average Sales price dipped from last month to $344,379, which was a pretty dramatic shift, but averages do bounce more than median, so this is not a shock. If you take the same concept and look at the range, we have bounced between $335,000 and $355,000 pretty consistently for the last 12 months. It wouldn't shock me to see $344,379 go HIGHER next month.
Inventory and Sales
Our inventory levels hit 8,552 for the end of April, which was lower than last month, and once again, we're sitting in a range between 8000 and 9000 on the market. We have remained between 8,000 and 9,000 homes every months since September of 2018. Our inventory is still up 46% from this time last year, but we're actually seeing a few months of declining inventory, which should lead to smaller price surges.
For sales, we had 2,878 in April. That was an increase over last month, and we have actually seen an increased number of sales every single month this year. Also, interesting to note, we had 2,879 single family sales last April, so the year over year comparison is almost identical!
Days on Market
Our Median Days on market took a dip and has continued to do so as we get towards the 'hotter' selling season. Homes that sold in April had been on the market 25 days as a Median, which is down from 33 in January, but still up over 108% compared to April last year.
The Average time a home took to sell for the April sales was 46 days, an increase of 53% or about 16 more days this April compared to last April. Again, these are still relatively low numbers!
We currently have 3.2 months of inventory, which is where we've been for the last 6-8 months, give or take. While this is considerably more than it was a year ago, we're still very much in a strong market, geared towards the Seller, but Buyer's are definitely seeing some more advantages flowing their way lately, due in large part to the spike in inventory!
Overall, we had $991,000,000 in sales volume for the MLS in terms of Single Family sales in April. That is about the same as last April, which is a sign that the weakness some predicted is overstated. We have also seen a positive increase monthly since January, indicating the expectations for another hot summer selling season.
That's it for this month! If you have any questions, please reach out to one of your amazing Zahler Properties Agents!