Let’s take a look at a very popular price range in Single Family Homes – $300,000 to $400,000. Let’s look at the resale vs the new construction statistics as of December, 2016.
RESALE Single Family Homes. It’s a neutral market, neither favoring buyers or sellers with 5.7 months of inventory, up 3.5% over last month and up 26.6% compared to last year. There are 864 homes for sale which is an uptick in inventory of 1.4% compared to November and up 38.7% compared to December, 2015. Homes closed were 151 units; down 1.9% compared to November and up 9.4% compared to December, 2015. Pending sales often tell us if we’re shifting or not. There were 131 units under contract, down 17.6% from November and up 19.1% compared to December, 2015.
The average sold price per square foot is also neutral at $155 per square foot, down 3.7% compared to November and down 2.5% compared to December, 2015.
The average days on market remains steady at 80. That’s up 15.9% compared to November and up 3.9% compared to last year.
The average for sale price is neutral at $354,000 along with the average sold price at $344,000. Both stats barely moved month over month (+.03%) and year over year with the largest uptick being the sold price up 1.2% over last year.
NEW CONSTRUCTION Single Family Homes. Unlike the Resale single family home silo the New Construction single family home category is a Seller’s Market with 2.8 months of supply based upon closed sales. That’s down 20.2% compared to last month and down 3.5% compared to last year. There are 184 units on the market which is up 4% compared to last month but the big shock is the 60% increase in New Homes for sale compared to last year! Wow, that’s an increase in building, isn’t it? The builders closed 66 units in December up 29.4% over November and 65% over December last year. More properties on the market means more for the buyer. Pending sales were 58 units which is 23.4% compared to November and 81.3% compared to last year. Wow!
The average sold price per square foot is neutral at $155.00 – and no, I didn’t make a typo. It’s the same as the Resale price per square foot which made me pause. That’s down 1.9% compared to last month and up 2.5% compared to last year.
Average days on market remains steady at 64 but it’s up 28% over last month and up 23.1% over last year – they’re not selling in a month!
What’s happening with prices based on For Sale Price and Sold Price? They’re both neutral with the average being $356,000 down 1.1% over last month and up 1.1% compared to last year for sale prices. Sold prices average at $347,000 with no major movement up or down over last month or last year.
If you’d like, we can email you these reports for further review. Or if there’s another price point you’d like us to explore for you, just ask.
Bottom line, you’ve got more choices if you’re okay with a resale single family home. But whether you’re looking at new or resale, you need to be represented by a Realtor who knows what’s happening in all of our communities. That’s us!