New Listings are down by 31.3%
Closed Sales are up by 11.1%
Median Sales price is up by 11.2%
In June the number of new listings posted was down 31.3% over the previous year, 33 listings compared to 48 in 2017. Year to date new listings are down 15.9%, from 207 total in 2017 to 174 in 2018.
Closed sales are up year over year for June by 11.1%, from 36 closings in 2017 to 40 in 2018.
The average sales price has increased from $217,453 in 2017 to $245,251 a 12.8% increase.
Also worth noting is that the average days on the market until sale is down by 38.2 percent. From 34 days in June 2017 to 21 days in June 2018. For the year, the days on the market until sale is down by 41.1%. From 56 days in 2017 to 33 days in 2018.
Inventory of homes for sale is down by 36.7% in June. It went from 60 homes in 2017 to 38 homes in 2018.
The numbers point to a shortage of homes available for sale, so the days on the market and the increase in average sales price go hand in hand. When there aren't as many homes, buyers will work faster to buy them and the sellers can list them for more money.
If you or someone you know has questions about real estate or how the market impacts you, please don't hesitate to call me at 612-701-5812 or email me at LonnBoles@KW.com