Real Estate Trends

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January 2017 is a Seller's market!

The number of for sale listings was down 21.6% from one year earlier and down 10.1% from the previous month. The number of sold listings increased 9.4% year over year and decreased 30.6% month over month. The number of under contract listings was up 18.6% compared to the previous month and up 6.4% compared to the previous year. The Months of Inventory based on Closed Sales is 1.3, down 27.7% from the previous year.

The Average Sold Price per Square Footage was up 0.5% compared to the previous month and up 9.8% compared to last year. The Median Sold Price decreased by 2.2% from last month. The Average Sold Price also decreased by 0.9% from last month. Based on the 6 month trend, the Average Sold Price trend is "Depreciating" and the Median Sold Price trend is "Depreciating".

The Average Days on Market showed a upward trend, a decrease of 10.3% compared to the previous year. The ratio of Sold Price vs. Original List Price is 97%, was the same compared to the previous year.

 

It is a Seller's Market

Property Sales (Sold)

January property sales were 1048, up 9.4% from 958 in January of 2016 and 30.6% lower than the 1510 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month is lower by 374 units of 21.6%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 10.1% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 18.6% in the pended properties in January, with 1289 properties versus 1087 last month. This month's pended property sales were 6.4% higher than at this time last year.

 

 

The Average Sold Price per Square Footage is Neutral*

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The January 2017 Average Sold Price per Square Footage of $202 was up 0.5% from $201 last month and up 9.8% from $184 in January of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

 

The Days on Market Shows Upward Trend*

The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for January 2017 was 35, up 2.9% from 34 days last month and down 10.3% from 39 days in January of last year.

The Sold/Original List Price Ratio is Falling**

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 97% is down 1% % from last month and the same as in January of last year.

 

 

Average For Sale Price is Appreciating*

The Average For Sale Price in January was $462,000, up 7.9% from

$428,000 in January of 2016 and up 2.2% from $452,000 last month.

The Average Sold Price is Depreciating*

The Average Sold Price in January was $340,000, up 11.1% from

$306,000 in January of 2016 and down 0.9% from $343,000 last month.

The Median Sold Price is Depreciating*

The Median Sold Price in January was $305,000, up 8.9% from

$280,000 in January of 2016 and down 2.2% from $312,000 last month.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

 

 

It's a Sellers Market*


 A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

*Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory

Months of Inventory based on Closed Sales

The January 2017 Months of Inventory based on Closed Sales of 1.3 was decreased by 27.7% compared to last year and up 30% compared to last month. January 2017 is Seller's market.

Months of Inventory based on Pended Sales

The January 2017 Months of Inventory based on Pended Sales of 1.1 was decreased by 21% compared to last year and down 21.6% compared to last month. January 2017 is Seller's market.

Buyers Market / Sellers Market / Neutral market - What's it all Mean?

Regardless of what kind of market it is, to sell your home still must be priced right and marketed right. To find how we sell homes faster and for more call us today at 916-396-7487

 

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