Market Conditions for 48042 March 2018
Median Sale: $278,000
 (-12.44%)
Homes for Sale: 53
 (17.77%)
Homes Sold: 27
 (35.00%)
Avg Days on Market: 34
 (-15.00%)
Median Sale Price
$278,000

 DOWN -12.44%
vs. Month Ago
Homes for Sale
53

 UP 17.77%
vs. Month Ago
Homes Sold
27

 UP 35.00%
vs. Month Ago
Avg Days on Market
34

 DOWN -15.00%
vs. Month Ago
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Median Sale Price

The median sale price for homes in March was $278,000. The median sales price for homes in March fell by ($39,500) compared to last month. This represents a 12.44% decrease from January. Compared to the same month last year, the median price of homes fell by ($2,000) representing a -0.71% year-over-year change.

The median sales price is the middle value of all sales occurring in the market during the past thirty days when you arrange these sales prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of a few unusually low or high sales prices.

Median Sale Price
$278,000
 
Homes for Sale
53
Homes for Sale

The inventory of homes for sale rose by 8 in March to 53. This represents 17.77% increase from January when 45 homes were on the market. Compared to the same month last year when there were 40 homes for sale, the inventory of homes for sale has risen by 13 representing a 32.5% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

 
Homes Sold

The 27 homes sold in March was 7 more than in January. This represents a 35% increase in sales from January. Compared to the same month last year, the number of homes sold increased by 2, a 8% year-over-year increase.

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

Homes Sold
27
 
Avg Days on Market
34
Avg Days on Market

The average days on market for a home sold in March (34) decreased by 6 days compared to January. This represents a 15% decrease in days on market for homes in the market from the previous month. Compared to the same month last year, the days on market for homes sold decreased by 15, a -30.61% year-over-year change.

Average Days on Market is the time period between the date when a home is listed for sale in an MLS system and the date it is sold.

 
Sale/List Price Ratio

The Sale/List Price Ratio of 97.33% in March fell by 0.15% compared to January and increased 5.03% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

List/Sale Price Ratio
97.33%
 
New Homes
38
New Homes

The number of homes listed in March (38) rose by 15 compared to January, a 65.21% change. Compared to March 2017, the number of new listings increased by 6, a 18.75% year-over-year change.

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

 
Median List Price

The median list price in March was $331,814. The median list price for homes in March fell by ($28,086) compared to last month. This represents a 7.8% decrease from January. Compared to the same month last year, the median list price of homes increased $49,364 representing a 17.47% year-over-year increase.

The median list price is the middle value of all currently active listings as reported in the MLS systems in the market area when you arrange these list prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of the existence of a few unusually low or high list prices.

Median List Price
$331,814

IMPORTANT! PLEASE READ CAREFULLY
THE ACCURACY OF ALL INFORMATION, REGARDLESS OF SOURCE, IS NOT GUARANTEED OR WARRANTED. ALL INFORMATION SHOULD BE INDEPENDENTLY VERIFIED. Sold listing data is not available from all Multiple Listing Services.

Provided by Real Estate One, Johnstone & Johnstone, and Max Broock Realtors. Copyright 2018