Market Conditions for 48362

May 2019

Median Sale Price

$253,660

UP UP 6.91% vs. Month Ago

Homes For Sale

63

UP UP 34.04% vs. Month Ago

Homes Sold

17

UP UP 112.50% vs. Month Ago

Average Days On Market

21

UP UP 75.00% vs. Month Ago

Median Sale Price

$253,660

The median sale price for homes in May was $253,660. The median sales price for homes in May rose by $16,410 compared to last month. This represents a 6.91% increase from April. Compared to the same month last year, the median price of homes fell by ($6,340) representing a -2.43% 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.

Homes for Sale

63

The inventory of homes for sale rose by 16 in May to 63. This represents 34.04% increase from April when 47 homes were on the market.Compared to the same month last year when there were 50 homes for sale, the inventory of homes for sale has fallen by risen by 13 representing a 26% 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

17

The 17 homes sold in May was 9 more than in April. This represents a 112.5% increase in sales from April. Compared to the same month last year, the number of homes sold decreased by 11, a -39.28% 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.

Average Days on Market

21

The average days on market for a home sold in May (21) increased by 9 days compared to April. This represents a 75% 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 9, a -30% 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

97.47%

The Sale/List Price Ratio of 97.47% in May rose by 2.78% compared to April and increased 0.47% 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.

New Homes

42

The number of homes listed in May (42) rose by 9 compared to April, a 27.27% change. Compared to May 2018, the number of new listings decreased by 8, a -16% 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

$346,950

The median list price in May was $346,950. The median list price for homes in May rose by $6,950 compared to last month. This represents a 2.04% increase from April. Compared to the same month last year, the median list price of homes decreased ($6,545) representing a -1.85% year-over-year decrease.

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.