Market Conditions for 48703

November 2017

Median Sale Price

$72,000

DOWN DOWN -7.69% vs. Month Ago

Homes For Sale

59

DOWN DOWN -7.81% vs. Month Ago

Homes Sold

6

DOWN DOWN -25.00% vs. Month Ago

Average Days On Market

266

UP UP 20.90% vs. Month Ago

Median Sale Price

$72,000

The median sale price for homes in November was $72,000. The median sales price for homes in November fell by ($6,000) compared to last month. This represents a 7.69% decrease from October. Compared to the same month last year, the median price of homes rose by $24,500 representing a 51.57% 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

59

The inventory of homes for sale fell by 5 in November to 59. This represents 7.81% decrease from October when 64 homes were on the market.Compared to the same month last year when there were 92 homes for sale, the inventory of homes for sale has fallen by fallen by 33 representing a -35.86% 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

6

The 6 homes sold in November was 2 less than in October. This represents a 25% decrease in sales from October. Compared to the same month last year, the number of homes sold did not change 0, a 0% year-over-year .

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

266

The average days on market for a home sold in November (266) increased by 46 days compared to October. This represents a 20.9% 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 increased by 86, a 47.77% 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

89.36%

The Sale/List Price Ratio of 89.36% in November fell by 0.27% compared to October and decreased 0.86% 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

4

The number of homes listed in November (4) fell by 8 compared to October, a 66.66% change. Compared to November 2016, the number of new listings decreased by 3, a -42.85% 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

$164,500

The median list price in November was $164,500. The median list price for homes in November rose by $94,800 compared to last month. This represents a 136.01% increase from October. Compared to the same month last year, the median list price of homes increased $40,500 representing a 32.66% 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.