It’s hard to believe that spring is already upon us, but now that it is, it’s time for a market update.
There are currently 592 active listings in our local market with an additional 482 homes currently under contract. These numbers are fairly standard for what one would expect of this time of year, so this bodes well for the general health of our market.
Interestingly enough, the number of homes sold this year (753) is nearly identical to the number that sold last year (752) for the same time period.
When you look at all home types (SF + TH and Condos) - the Average Price is up about 10K! Yet the average amount of time homes are spending on the market has increased from an average of 58 days on market in 2018 to 77 for the same period this year.
Detached homes followed a similar trend, with 591 having sold in 2018 and 593 having sold this year. Difference comes with a pretty significant increase in the average Sales price with about 3.3% increase, moving from 368,000 to 380,000. And, much like the overall market, the average number of days on market rose for detached properties, as well. The average days on market for detached homes was 63 in 2018 and 84 this year.
With Townhomes, we saw 137 sold in 2018, while 147 sold this year. The difference we are seeing, which we expect will correct itself over the course of the year, is sales prices are down slightly from 263,000 in 2018 to 260,500 this year. Average days on market also rose slightly from 35 to now 50. Townhomes are still selling more quickly.
When we look at current market conditions overall, it’s clear that although buyer activity has slowed, properties are still definitely selling.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.