A look at the latest numbers from our local real estate market.
We recently got the housing market data for April, so let’s take a look at the numbers to better understand how our real estate market compares to where it was last year.
To start, the absorption rate has stayed roughly the same year over year, hovering a little under one month of supply. The average list price is currently $416,000, which is an increase over last April’s average of $396,000. The median list price also increased, going from $255,000 last year to $270,000 this year. The median is the more important number since the average combines all the listings and divides them equally, while the median list price can account for higher-end homes that may skew the average.
The average sales price rose from $257,000 last year to $298,000 this year. The median sales price rose from $224,000 to $254,000. These numbers show what most people already know—that home prices are on the rise.
Like the absorption rate, the average days on market has stayed fairly consistent year over year, dropping from 27 days last year to 25 days this year. The median days on market also remain the same, at around four days. Pay closer attention to the median days on market for an understanding of how quickly your home might sell. If you price your home correctly for the market according to comparable sales, you should sell your house within one to four days.
Interest rates are currently hovering around 5%, depending on how many points you pay and the down payment you put down. We’ll continue to watch how rising interest rates affect the market moving forward.
As a final note, I’d like to leave you with a quote from author and speaker Zig Ziglar that I enjoy: “People often say that motivation doesn’t last. Well, neither does bathing—that’s why we recommend it daily.”
If you have any questions about what’s going on in today’s real estate market or what these conditions mean for your prospects, don’t hesitate to call or email me. I’d love to speak with you.