November 2018 Real Estate Market Update!
Are we heading towards a balanced market?[Nov 2018] REAL ESTATE MARKET UPDATE
Let’s take a look…..
🏡 Average Sold Price is $327K ⬆️ UP 9% compared to October 2017
🏡 Average Sold Price Per SQ FT is $225 ⬆️ UP 34% compared to October 2017!!!
🏡 Homes Sales are UP ⬆️ 6% 7,784 compared to October 2017
🏡 Average Days on The Market is ⬇️ DOWN to 57 Days compared to 60 Days in October 2017
🔥 INVENTORY IS UP 18,703 as of Nov 11 – 3 MONTHS OF SUPPLY 🔥
Two reasons for the increase in the supply..
1) October sales were unusually weak compared to previous 24 months.
2) Active listings rose sharply due to less of the listing going under contract.
We can see the market is cooling with 3 months of inventory and heading towards a balanced market of 4-5 months of supply.
If you would like to know the specific averages ($) of the houses in those areas, you have 2 options:
1) Contact Alan directly at (602) 845-0947
2) Visit Alan’s website for a Quick Price Analysis of your home!
If you would like any additional information on the real estate
market, or if you’re wondering what your home is worth, reach out and contact Alan today.
Alan and his Team is always available to answer your questions. No question is too small!