May Real Estate Update

The average sold price has slowed year over year from $1,232,000 in April of 2018 to $1,184,000 in April of 2019. The change represents about 3.9%. From what I’m seeing in the market, there are a lot of older homes coming on with a lot of deferred maintenance that is dragging down the rest of the market.

49 single family detached homes closed in April. The average days on the market was 23. It continues to creep up month over month. It was 18 days on the market a couple of months ago.

The trend lines are showing the list prices going up while the sold prices are remaining neutral. I would argue that this is sellers who have waited on the sidelines in hopes of timing the market. You cannot time the market. You should buy a house when you need to move and you should sell that house when you need to move. If the market is high, the next house will cost you more but you’ll get more for your house. If the market drops you’ll get less for yours but pay less for the next one. The market abides.

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