MLS Stats thru November 2018

Well, the end of the year is near. It’s been an interesting ride all through 2018 thus far. Looking at the stats in general, the market is doing pretty well. Here is a quick peek at the trends:

Homes For Sale

At very low levels with over 8,000 homes already wearing a contingency or pending flag. A seasonally low level of inventory is being compounded by sellers who want to buy yet can’t find the right home or don’t have enough equity to make the next move. 

Under contract 

Almost the same as last November. The number of homes going under contract is being supported in part but nice weather. Buyers are certainly more willing to look when the temperatures are moderate and the snow is light. Great mortgage rates are helping too.

Sold in Last 12 Months

Down a bit when comparing last 12 months trailing sales with the prior year.  The number of sold homes is down slightly due in part to low inventory. Another factor that’s coming into play is condition. Many buyers are waiting for the perfect turn key house to pop up. When these homes do come on the market, they tend to sell above market averages. 

Median Price

A healthy increase of over 3% from last year at this time. The median price is going up for a few reasons. One is the low level of active homes for sale. The second factor is interest rates remaining under 5%. Buyers are still finding that mortgage money is “on sale” and want to get locked in while they are still low.

HOT STATS-ENTIRE MLS thru November 2018 (single family detached homes)

201820172018 vs. 2017
Active Listings38,41839,628-3.05%
True Inventory
(less under contract & temp off)
24,480xx
Average Price (actives)$415,487xx
Average Market Time (actives)169xx
Sold Last Month6,1156,116-0.02%
Sold Last 12 Months83,71885,741-2.36%
Average Sold Price
Last 12 Months
$303,605$293,7503.35%
Average Market Time
Last 12 Months (sold)
8491-7.69%
Homes Under Contract
Last Month
5,3185,3170.02%
New Listings
Last Month
8,2317,9942.96%
Months Supply5.005.40-7.41%
30 Year Fixed Rate4.87%3.92%24.23%

This information is created from data provided by MRED llc. and is not guaranteed.

Longer Trends since 2008

When Homes Go Under Contract

What’s the BIG picture?

  • Overall, things are relatively stable.
  • The low to mid range homes are flying off the shelf. If a home is in that range and in great condition, market times are very short.
  • Conversely, the upper ranges in most areas are still experiencing low activity. 
  • We are beginning to see trend lines in price, closed sales and pending sales level off.
  • The interesting trend that is not changing is homes for sale. These numbers are still low and may create another strong sellers market in the spring, especially for low to mid priced homes.

One important point to remember is that we are looking at the MLS as one big unit. Each market has it’s own trends and inside those areas you will find very different levels of activity. There are many factors that come into play. Certainly location and condition are two of the keys. Emotions are part of the game as activity increases and buying competition gets tighter.