The Market Snapshot running through the end of September is very encouraging and proves our market is strong and getting stronger. Overall this shows homes are selling for more and in a shorter amount of time. This is good news for sellers. But, fear not buyers. With rates still near historic lows, it’s also a great time to buy. This continues to be one of the most balanced markets in history.
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Of note:
- The Absorption Rate for September 2017 was 5.49 vs 7.36 in 2016. Overall the year-to-date rate for 2017 is 5.88 down from 8.02 at the end of September 2016. Absorption rate is the rate at which homes sell in a given area during a given time period. Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. It is the inverse of months of supply.
- The Average Sale Price is to $228,425 compared to $210,276 at the end of September 2016. That’s an 8.63% increase!
- The Average Cumulative Days on Market is down to 97 compared to 117 at the end of September 2016, a 17.09% decrease!
Click for a full web version of the October 2017 – Market Summary Report | flexmls Web