Well after 2 years of -20% inventory, we’re finally seeing new listings hit the market and we’ve dropped into the -teens! I know it’s not a big jump but it’s a start. Click HERE if you would like a full market summary but I’ll give you a 30,000 foot snapshot below:
All data is from April 2018 vs. April 2017. We have a combined increase in average sales price of +8.2% and a decrease in supply totaling -16.7% year over year. What does that mean? It’s still a huge seller’s market. But, it’s getting better for buyers. For the past two years we’ve seen -20 (s)% in available inventory so to be in the teens is a good sign. For sellers it’s still a great time to list due to extremely low inventory levels. The median sales price was up 9.1% to $192,000 for existing homes and up 4.5% for new construction to $344,250.
The main driver for the increase in available inventory is based solely on new construction. Supply for existing homes is STILL -23.8% and days on market dropped 16.3% for those homes. Interest rates are also starting to creep northward which, in my opinion, is why more homeowners are choosing to stay in their current residence. Bottom line – if you’re looking to sell keep a watchful eye on these market updates. Buyers: hang in there, it’ll get better! – Matthew