The housing market is changing. Both inventory and new listings have increased by more than 10% in January, while closings are down from a year ago.
The original list price to sale price ratio dropped to 94.8%. Sellers have accepted larger discounts than any time in the past 24 months.
Click this link to see detailed January 2019 Housing Data.
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 1,602 – DOWN by 2.0%
- Pending Contracts – 2,336 – UP by 0.3%
- Inventory for Sale – 3,818 – UP by 12.0%
- New Listings – 2,181 – UP by 13.1%
- Days on Market – 45 – UP by 2.3%
- Average Sales Price – $208,512 – UP by 1.3%
Days on Market Substantially Higher for Luxury Homes
The chart below shows how Days on Market (DOM) vary by list price. It’s based on data from the last quarter of 2018, plus January 2019.
First-time buyers and young families are looking for affordable homes in suburban school districts. There’s a high demand but not enough inventory. In the price ranges below $300,000 we still see bidding wars and offers above list price.
Days on Market are lowest (27) for homes between $100K and $200K.
Residences priced above $400,000 take longer to sell. They are listed by baby boomers or empty-nesters who want to downsize. These homes are often too expensive for millennial buyers and may need updates.
The DOM for homes over $500,000 is at 95 days. And, luxury homes listed for more than $900,000 may take a full year to sell.
Popular Neighborhoods Suffer Slowdown
Since last fall I noticed that homes in popular neighborhoods like Clintonville, Victorian Village, and Old Town East are not selling as quickly as they used to. Home values may have peaked in these areas, so be prepared for a longer sales cycle when you list your property.
Call or text me TODAY at (614) 975-9650. Let’s discuss a customized marketing strategy for your home!