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There are some interesting numbers to be found all over the board in terms of the market.
Last month, with regards to single-family home, sales are up 11.4% from the same month last year, which is awesome news.
There are some interesting numbers coming in with respect to pricing: prices are down 4.9% to $204,000 for resale homes last month. This is the first time we’ve seen that as a decline for resales in a very long time. A lot of times you’ll see that change from different areas and pockets. Year to date, rolling average prices for resale homes are up 5.7% to $205,000, which shows a great recovery.
The one big drop we’ve seen was with inventory—inventory is down 18.2% right now with 5.4 months' worth of resale homes in the marketplace. This is the biggest drop that we’ve seen happen in the market lately. Remember, when you have more than six months of inventory, it’s a buyer’s market, and anything below six months becomes a seller’s market.
That said, right now, if you’re a home seller, you want to take advantage of that. Before, inventory has been six or so months, and we’ve seen a lot of houses not sell in certain areas. If you wait until spring, there will be a huge influx of properties that you’ll have to compete with. Selling now will ensure that your home is one of the few on demand in the market.
New home sales are down 2.3% overall, which is interesting when you compare it to the same month last year. Prices on new homes went down 2.5% overall last month, landing at $220,587. The great news here is that the year-to-date price of new construction homes went up 3.1% to $287,315.
The one big drop we’ve seen was with inventory, which is down 18.2% right now with 5.4 months' worth of resale homes in the marketplace.
Inventory for new homes is pretty much the same as it was in December of 2016, around 5.4 months, which is identical to the resale inventory. In 2016, the inventory for new construction was significantly less, which drove those prices up.
There is big news on the condo market. Last month, we had a more than 20% increase in condo sales compared to the same month last year. Prices are following that same trend with a 4.2% increase for resale condos to $125,000.
The same thing that you’re seeing in homes with regards to inventory is also happening in condos—there’s a 32.4% decrease in condo inventory, leaving it at about five months, which is the lowest I’ve seen it since we began tracking it. We’ve been selling a lot of those lately, to the point where we’ve actually added two more people to our team on the buyer’s side to help combat the influx of people looking to buy.
For a future topic that’s relevant to the market, I’ll be discussing how the new tax reform bill will affect the real estate world. Reports have suggested that home values will be affected all across the country, and could drop the values in our area specifically by about $14,000.
If you have any questions about the market, tax reform, or other real estate topics, please feel free to give me a call or send an email.
