Let's dive even deeper than this. Let's begin by looking at a year over year comparison of specific real estate data that will help us understand what our local markets are doing compared to the rest of the country.
OCTOBER New Listings:
We start by looking at the NEW LISTINGS that came on the market in October and we begin with 2017, where we see there were 345 NEW LISTINGS that came on the market. In October of 2018, we find an increase of +31.6 percent with 454 NEW LISTINGS. The following year in October of 2019, we decreased slightly by -2.0 percent with 445 NEW LISTINGS.
OCTOBER Homes for Sale:
We again, start by looking at October of 2017, where we see there were 924 HOMES FOR SALE. In October of 2018, we find an increase of +6.8 percent with 987 HOMES FOR SALE. The following year in October of 2019, we decreased by -16.1 percent with 828 HOMES FOR SALE.
OCTOBER Pending Sales:
Let's view October of 2017, where we see there were 291 PENDING SALES. In October of 2018, we increased by +19.6 percent with 348 PENDING SALES. The following year in October of 2019, we increased by +25.3 percent with 436 PENDING SALES.
OCTOBER Median Days on Market:
Let's view October of 2017, where we see there were 21 MEDIAN DAYS ON MARKET. In October of 2018, we stayed even at 21 MEDIAN DAYS ON MARKET. The following year in October of 2019, we decreased by -19.0 percent to 17 MEDIAN DAYS ON MARKET.
OCTOBER Months Supply of Homes for Sale:
In October of 2017, the MONTHS SUPPLY OF HOMES FOR SALE was 2.8. In October of 2018, we remained unchanged at 2.8 MONTHS SUPPLY OF HOMES FOR SALE. The following year in October of 2019, we decreased by -25.0 percent to 2.1 MONTHS SUPPLY OF HOMES FOR SALE.
So there is your comprehensive LOCAL look at the real estate market. If you are thinking about purchasing a home, please reach out to the Linda Hall Team. We'd love to assist you!!