Market Statistics – October 2018
|
October 2018 |
Prior Year |
Current Year |
+/- |
|
Average Sales Price |
$181,082 |
$208,585 |
+15.2% |
|
Median Sales Price |
$160,000 |
$179,950 |
+12.5% |
|
Inventory of Homes for Sale |
1,214 |
1,065 |
-12.3% |
|
Days on Market |
135 |
119 |
-11.9% |
|
Closed Sales |
203 |
222 |
+9.4% |
If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.
New Listings were up 7.0 percent to 243. Pending Sales increased 8.6 percent to227. Inventory shrank 12.3 percent to 1,065 units.
Prices moved higher as Median Sales Price was up 12.5 percent to $179,950. Days on Market decreased 11.9 percent to 119 days. Month’s Supply of Inventory was down 17.5 percent to 5.2 months, indicating that demand increased relative to supply.
Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.
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