Things are changing in our real estate market. And, thanks to the kind people at Pacific Appraisals who provide us with a monthly market snapshot, we’ll be examining the most recent developments today.
So, how was our real estate market this April?
First of all, there were 92 total sales. This is a 14% increase compared to what we saw in April of 2017. However, this increase is a little skewed.
Thanks to our mild winter, buyer foot traffic was high. This got the market going faster, sooner. It also resulted in new construction being completed more quickly, with many homes being finished this April.
Moving on, let’s talk about days on market. For the month of April, the average number of days homes spent on the market was 90. And the average number of days seen for pendings is 143. This is shocking for a lot of sellers out there, but it is the truth of what’s happening in our market.
Also in April, 297 homes sold year-to-date, constituting a 23% year-over-year increase. Without new construction, the number of homes that sold would still amount to a 10% to 12% year-over-year increase.
With all these new sales, inventory has dropped, while demand has remained high and prices have increased. Now, median sales prices are sitting at $313,000, which is a year-to-date increase of 15% and a year-over-year increase of 19%.
This significant increase has left some sellers wondering whether now is the time to make their move and list at a premium. After all, the recent growth we’ve seen is not sustainable. So, while we expect to see a bull market for the remainder of the year, I would advise people against waiting too long to sell.
As a final note, I’d like to inform you that while the majority of price ranges are within a seller’s market, some price ranges do favor buyers. Homes in the $450,000 to $500,000 price range are one example of this. Within this range, there’s actually eight months of available inventory. And as you may remember, anything below six months of inventory is a seller’s market while anything above that constitutes a buyer’s market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.