3rd Quarter 2018 – Single Family Home Sales

swilliams Education , Real Estate

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.

                  SALES DATA:  JULY – SEPTEMBER

Number of Sales

Days on Market

Price Range

2017

2018

2017

2018

$200,000 – 349,999

 13

 17

24

34

$350,000 – 449,999

 25

 25

19

38

$450,000 – 649,999

 22

 16

15

54

$650,000 +

  1

  2

1

233

Total Sales / Average DOM

 61

 60

18

48

 

Average Sales Price

Average List Price

Sold vs List %

Price Range

2017

2018

2017

2018

2017

2018

$250,000-349,999  308,800  321,352  312,323  324,658

-1.1%

-1.0%

$350,000-449,999  391,464  397,720  397,208  400,376

-1.5%

-0.6%

$450,000-649,999  534,367  534,018  542,763  544,500

-1.6%

-2.0%

$650,000 +  730,000  658,500  698,500  677,000

4.3%

-2.8%

Average $430,935 $421,121 $436,552 $426,576

-1.3%

-1.3%

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