New Listings are down up by 4.2%
Closed sales are down by 20.8%
The median sales price is up by 9.2%
In July the number of new listings posted was up 4.2% over the previous year, 25 listings compared to 24 in 2017. Year to date new listings are down 13.9%, from 231 total in 2017 to 199 in 2018.
Closed sales are down year over year for July by 20.8%, from 24 closings in 2017 to 19 in 2018.
The average sales price has increased from $200,567 in 2017 to $245,188 a 22.2% increase.
Also worth noting is that the average days on the market until sale is up by 9.1% percent. From 22 days in June 2017 to 24 days in June 2018. For the year, the days on the market until sale is down by 37.3%. From 51 days in 2017 to 32 days in 2018.
Inventory of homes for sale is down by 40.0% in July. It went from 55 homes in 2017 to 33 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