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How have things changed from 2017 to 2018, and what does it mean for our market now? Let’s find out.

Selling your home? Get a home valuation.

Buying a home? Search the local MLS.

For today’s market update, we’ll be looking at 2018’s end-of-year numbers to get an idea about where we are now compared to we were last year.

 

When we talk about being in a buyer’s or seller’s market, we’re talking about how much inventory is available. Six or more months of inventory means we’re in a buyer’s market, and anything less constitutes a seller’s market. More inventory means more choices and stronger leverage within negotiations for buyers, and less inventory means sellers have the upper hand, since there are fewer homes that buyers can choose from. We’ve been in a seller’s market for a while, and January’s numbers haven’t shown a change.

 

Overall sales are down 1.4% when comparing the end of 2018 to the end of 2017. This is because there’s such a low amount of inventory; there’s simply not enough that can be sold. The median sales price is up 7% year over year. The sale-to-list-price ratio is at 96.6%—this shows what homes are actually selling for compared to their asking price.

 

"We’ve been in a seller’s market for a while and January’s numbers haven’t shown a change."

 

Price reductions were higher in 2018 than in 2017— 44.2% of homes had price reductions at the end of 2018, which is up 1.7% from the year before. Buyers seem to be tired of paying whatever prices sellers dream up. Before, they could overprice homes and still have buyers competing for them. Sellers are now having to lower their prices in order to make sales.

 

Our number of days on market has gone down to 36—in 2017, it was 40. This means that when a house is priced correctly, it should sell in about a month.

 

If you have any questions or need more information, feel free to reach out to us. We look forward to hearing from you soon.