Ready to Make Your Move?Market Insights
Sellers should be very aware of how their home will come across to potential buyers – you should know about all repairs that are needed on your home and price accordingly. It’s also important to stage your home well and be sure you maximize your property’s curb appeal. Only one bank-owned home closed during December, compared to over 500 in 2010. Inventory is slim but buyers are taking their time and looking for the perfect home.
Homes that Sold
4,195 homes sold in December. That’s down 1.69% compared to November and up 10.72% year-over-year. Single-family homes and condos took the same amount of time to sell – 41 days on average, which is 17.14% longer than in November and no change compared to December 2018.
Pricing
The average price for a home that sold in December was $484,812, down .33 percent month over month and up 4.93 percent year over year. The average single-family home price was $530,715 and the median price was $450,000. The average condo sold price was $372,877 while the median price was $308,788. Cash buyers are getting better deals than buyers who finance.
Inventory
There were 5,037 homes for sale in December. On average, the metro area market sees 12,941 homes for sale. The record high number of listings in December was in 2007, when we saw 24,603 listings. The record low was during 2017, when there were 3,854 homes for sale. Normally, between November and December, the number of listings decreases 11.75. During 2019, there was a 27.9 percent decrease – a record.