The third quarter of our 2018 real estate market has just ended, and so it’s time for our latest update.
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It’s hard to believe the third quarter of our 2018 real estate market is at its end. But, now that it is, let’s take a moment to review the developments that took place over these past few months. It’s time for our latest market update.
To start off, sales volume is up by 2% year over year, with 2,035 homes having sold this past quarter.
The average price has risen as well. Since this time last year, when the average sales price was $195,000, we’ve seen a 7% growth. This leaves our current average sales price at $208,000, despite the fact that today’s median list price is $219,000.
The reason for this disparity likely lies in the fact that while home values are on the rise, interest rates and appraisal standards are holding back prices.
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The fall and winter months are a great time to list.
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Moving on, inventory has remained fairly low, with the 2,200 homes currently on our market equating to just 3.27 months’ worth of supply. And, once listed, properties in the third quarter of 2018 spent an average of 119 days on the market.
As we move into the fourth quarter, the forecast for our market shows more of the same. Those looking to sell, therefore, should consider making their move in the near future. The fall and winter months are a great time to list.
If you have any other questions, would like more information, or are curious how our team can help you reach your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.