Since one year ago, the number of active listings is down 8.6% while the sold properties are down 26.7%. One of the reasons could be lack of inventory which will be discussed later in this article.
The pended are down 53.1%. When the PENDED LISTINGS indicator is rising, our market is in recovery. Contracts have been written and are anticipated to close.
Average home prices are appreciating. The price per square foot of a condominium or multi-family residence is approximately $315 per square foot – which is an increase of 15% over last year.
Part of the reason for the shortage of inventory: Homes remain on the market an average of 103 days — a decrease of 11.2% over last year. Homes are selling within 91% of their originally listed price.
The average listed price in 33308 (The Galt Ocean Mile) is $592,000 — a 6.7% increase over last year. The average sold price is $420,000.
Important information: Months of Inventory. Currently, The Galt Ocean Mile is experiencing 7.7 months of inventory which is indicative of a balanced market. This is a 24.2% increase from a year ago.
It is time to list, time to sell, time to upsize, time to downsize — money is still inexpensive to borrow.
Consider what is happening:
Perhaps you would love to take a look at all the graphs used in the blog above.
33308 August 2017 Facts and Trends
There is a wonderful condominium* available as of the writing of this blog. Please download the information here: 3800 Galt Ocean Matrix Printout
(*Posted with written permission by the listing agent.)