Single Family Home Sales – Jan-April

swilliams Real Estate

homes-for-sale

In spite of fewer sales and longer days to market, prices for Single Family and Attached Homes have held their value from January to April 2017 when compared to the same period in 2016.

The first 4 months of 2017 show a slowdown of sales due to an overall reduction in homes listed for sale (“reduced inventory” in Realtor-speak).

Fewer homes for sale typically cause an upward pressure on prices.  This has not been the case in 2017 except for the $450,000 – $650,000 price range, which increased by 5.8%.  In every category the number of sales compared to the number of listings is dramatically less – Overall 38% of 2017 listed homes sold compared to 2016 when 83% of listed homes sold.

Conclusion:  The market is reacting to the uncertainty of State finances and Sellers are delaying putting homes on the market.  Fewer buyers have equalized the effect of lower inventory, so prices are holding steady.  The residential real estate market seems to be holding its breath (like most of us) awaiting the impact of the Legislature’s final budget solution.

 

SOLD LISTINGS – JANUARY-APRIL

# of Listings

# of Sales

Days on Market

Avg Price

Price Range 2016 2017 2016 2017 2016 2017 Incr (Decr)
$250,000 – $349,999

42

32 38 17 52 67 1.7%
$350,000 – $449,999 30 35 23 10 41 51 -1.6%
$450,000 – $649,999 31 23 24 7 55 79 5.8%
$650,000 & up 3 8 3 3 146 89 -9.5%
Total / Average 106 98 88 37 53 67

-2.6

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