Here is a snapshot of the homes for sale, pending, and sold. Using this graph, you can compare the most recent month's trends with that same month from one year ago. Comparing our market this year vs. last year gives you some sense of the health of our market, but remember, there are always hidden factors and trends that might be influencing these stats. For a more complete picture of our market, or how your home might be influenced by our local trends, please give us a call.
This graphs show the average days on market, which means the number of days from the date a property is listed, until the property goes Pending. It's good to note there are usually anywhere from a couple weeks to a couple months between the date a property goes Pending to the date the sale actually closes. The graphs also show the average difference between the listing price and the selling price of a property as a percentage of list price. So if the average is 98%, if a home is listed at $100,000 it will on average sell at $98,000.
Average Price per Sqft is the average of sold price divided by square footage of sold listings. It helps establish the market price for an average home. It helps determine if there is any change in property value for a specific area in a specific price range. If the home has a larger than normal lot, a special amenity, or is located in an area of social demand, the home price must be adjusted upward.
This graph shows both the average price of the homes for sale in any given month, and the average price sold in any given month and the relationship between the two.
This graph shows how many months supply of inventory we have based on pended homes. In other words, if no new listings were taken, how many months it would take until all properties were pending or sold. 0-3 months of inventory will favor sellers, 3-6 months of inventory is neutral and generally considered healthy, and 6+ months of inventory will favor buyers.