Market Statistics – December 2017

December 2017

Prior Year

Current Year

+/-

Average Sales Price

$179,948

$192,064

+6.7%

Median Sales Price

171,600

174,000

+1.4%

Inventory of Homes for Sale

1,274

1,077

-15.5%

Days on Market

172

149

-13.4%

Closed Sales

171

167

-2.3%

 

The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers. New Listings were up 6.3 percent to 152. Pending Sales increased 23.7 percent to 162. Inventory shrank 15.5 percent to 1,077 units. Prices moved higher as Median Sales Price was up 1.4 percent to $174,000. Days on Market decreased 13.4 percent to 149 days. Months Supply of Inventory was down 23.9 percent to 5.4 months, indicating that demand increased relative to supply. 

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