December 2017 Market Update
Single Family Properties Market Overview
1,024 New Listings, a +0.5% increase over last year.
699 Pending Sales, a -31.1% drop from last year.
1,327 Closed Sales, a +0.5% increase over last year.
The Median Sales Price increased +8.5% over this time last year, to $164,900. Prices remain steady, and have been steadily climbing over the past ten years.
The Average Sales Price increased +5.4% in December to $197,575.
The Days on Market decreased -12.3% from this time last year, to 64 days. YTD, the Days on Market is down -22.2% compared to last year.
The Inventory of Homes for Sale saw another drop of -14.8% in December to 4,750, as did the Months Supply of Inventory, which dropped -17.5% to 3.3 months.
Townhouse/Condo Properties Market Overview
141 New Listings, a -8.4% drop from last year.
103 Pending Sales, a -35.6% drop from last year.
190 Closed Sales, a -1.6% drop from last year.
The Median Sales Price increased +13.7% over this time last year, to $130,750. Prices remain steady.
The Average Sales Price increased +18.6% over this time last year, to $151,792.
The Days on Market decreased -31.5% over this time last year, to 50 days. YTD, the Days on Market is down -27.4% compared to last year.
The Inventory of Homes for Sale saw a huge drop of -30.4% in December, to 514. The Months Supply of Inventory dropped -37.8% to 2.3 months.
The overarching trend for this year is that homes have been selling for slightly higher prices, in fewer days, and the supply of inventory is now at record low levels. Our inventory hasn't been this low in over TEN years! The new tax legislation could have ramifications on housing, and this is a developing story that we will be watching over the coming months.
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.
Market Overview Charts for All Properties
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