Market Conditions for 48306 May 2018
Median Sale: $421,372
 (-0.38%)
Homes for Sale: 127
 (41.11%)
Homes Sold: 42
 (35.48%)
Avg Days on Market: 29
 (7.40%)
Median Sale Price
$421,372

 DOWN -0.38%
vs. Month Ago
Homes for Sale
127

 UP 41.11%
vs. Month Ago
Homes Sold
42

 UP 35.48%
vs. Month Ago
Avg Days on Market
29

 UP 7.40%
vs. Month Ago
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Median Sale Price

The median sale price for homes in May was $421,372. The median sales price for homes in May fell by ($1,628) compared to last month. This represents a 0.38% decrease from April. Compared to the same month last year, the median price of homes rose by $41,372 representing a 10.88% 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
$421,372
 
Homes for Sale
127
Homes for Sale

The inventory of homes for sale rose by 37 in May to 127. This represents 41.11% increase from April when 90 homes were on the market. Compared to the same month last year when there were 134 homes for sale, the inventory of homes for sale has fallen by 7 representing a -5.22% 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 42 homes sold in May was 11 more than in April. This represents a 35.48% increase in sales from April. Compared to the same month last year, the number of homes sold decreased by 11, a -20.75% year-over-year decrease.

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
42
 
Avg Days on Market
29
Avg Days on Market

The average days on market for a home sold in May (29) increased by 2 days compared to April. This represents a 7.4% increase 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 13, a -30.95% 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 98.18% in May rose by 0.25% compared to April and increased 2.29% 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
98.18%
 
New Homes
96
New Homes

The number of homes listed in May (96) rose by 2 compared to April, a 2.12% change. Compared to May 2017, the number of new listings increased by 6, a 6.66% 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 May was $476,000. The median list price for homes in May fell by ($7,600) compared to last month. This represents a 1.57% decrease from April. Compared to the same month last year, the median list price of homes increased $3,550 representing a 0.75% 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
$476,000

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