3rd Quarter 2018 – Single Family Home Sales

SINGLE FAMILY HOME SALES:

JULY TO SEPTEMBER 2018

There were 60 Single Family (SF) homes sales in the 3rd quarter of 2018 versus 61 sales in the 3rd quarter of 2017. The mix of sales differed: Q3 2018 had more sales in the $250K-$350K range and Q3 2017 had more sales in the $450K-$650K price range.

More telling is the increase in Days on Market (DOM). Average DOM increased from 18 in 2017 to 48 in 2018. This held true even when using Median Days on Market: 7 days average in 2017 compared to 15 days average in 2018. (Median DOM means half of the homes sold in fewer than the median days on market, half of the homes took longer.) The days on market increased as the price ranges increased. Average 2018 sales prices were $3-6,000 higher during the quarter for homes priced less than $450,000 and equal or less for homes over $450,000.

Higher sales volume in lower-priced homes, a longer time to sell the higher-priced homes, and a softening of prices in the upper range indicate a shift in the residential home sales market. It appears that there are more buyers for less expensive homes and higher priced homes will likely take longer to sell.