December and Year End 2018 Homes Sales Data 📈 Copy
For the month of December, our inventory remains very low, with only 2.3 months supply. Looking at annual numbers, the average home price has gone up 10% each of the last 3 years and is now $473,000 for 2018. However, total number of homes sold is about the same each year since 2016. That makes sense because less homes available for increased demand makes the homes for sale more valuable.
Median days on market has stayed pretty steady for the last 3 months, but at 40, we're over double this calendar year's average of 19!!! Along with those rising average home prices, the average price/sq ft is creeping up quite a bit as well. It was $221 for 2018. Pretty crazy, right? When the total number of homes that came on the market in 2018 was 1784 and the total number of sales is 1545, there's not a lot leftover. Our market remains pretty hot! Will it continue into 2019? Let me know what you think.