Year-Over-Year Market Analysis: June 2017 vs. June 2018
We’ve finally gathered all the data together for this market update, in which we’ll discuss the year-over-year changes to the market from June 2017 to June 2018.
We’re well into August by now, but it does take a little while to accumulate all of the data from previous months. In today’s market report, we’ve finally gathered that data together to present to you, and we’ll be comparing June 2018 to June 2017.
Last month, I spoke about our 44-consecutive-month streak of low inventory, where our inventory levels were decreasing. Well, we broke that streak this past May, but now we’re once again seeing a decrease. Compared to June of last year, June 2018’s inventory levels were down. New construction levels are up, but our resale levels are stagnant.
What does this mean with regards to showings? Well, our number of showings have decreased markedly since last year, falling by 17%. The reason behind this is that the data collected on showings are for resale homes, whereas with new construction, a lot of people are zipping through model homes. We don’t necessarily have the data to track the number of people coming in, since showings are scheduled with the Showing Time Service, which only follows resale homes.
"Text the word “LISTING” to 555888 and you’ll get an estimation of your home’s potential listing value."
Pending sales are actually up by 2% from last year. However, closed sales are down by 3%. Our days on market has remained stagnant, with no major changes over June 2017—last year, we were at 39 days, and we’re now at 40 days.
The average sales price for the Triangle is now at $325,000, which is huge. Last year, our team’s average sales price was $295,000, and the market average was $275,000, so that is a massive jump. Of course, that can be explained by our low levels of inventory, factoring in supply and demand. When we have low inventory, we’ll naturally see an appreciation in the market.
If you’d like more inventory on the Triangle and surrounding markets, feel free to reach out to us. We would love to give you more information and feedback.
If you’re interested in selling your home, you can get an idea of where we’d list your home at with just a simple text: if you have a smartphone, just text the word “LISTING” to 555888 and you’ll get an estimation of your home’s potential listing value. We hope to hear from you soon.
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