Today I want to quickly review the market from the first part of the year, January 2018 to May 2018, as well as where we are today.
Back in January, we had 3,410 homes on the market with a median sales price of $172,500. Homes were selling for about 97.6% of their list price, and we had roughly 1.2 months of inventory.
In February, there were 3,376 homes on the market with a median sales price of $177,000. During that time, we had a 97.9% list-to-sale price ratio, and we still had about 1.2 months of inventory.
As we moved further along the year into April, we had 3,850 properties on the market with a median sales price of $190,000, which was an increase from earlier in the year. The list-to-sale price ratio went up as well in April to 99.2%.
“With rates going up and housing prices increasing, it is a great time to sell or buy.”
Inventory also increased in April to 1.4 months. What that means is that if every property that was currently on the MLS went under contract and sold, we would only have 1.4 months until all of the inventory was gone.
Inventory increased further in May to 4,471 homes on the market. The average sales price also increased again, this time to $204,000. The list-to-sale price ratio went up slightly to 99.4%, and there were 1.6 months of inventory.
At the same time as all of this was happening, interest rates also increased. We started out January with about a 4% interest rate. By May, they hit 4.5%.
With rates going up and housing prices increasing, it is a great time to sell or buy. If you have any questions or are interested in buying or selling while it is a good time to do so, please feel free to contact me. I look forward to hearing from you soon.
