Mike's Market Update: May 14, 2018
Property Sales (Sold)
April property sales were 903 unit
- Up 10.3% from 819 in April of 2017
- Down 6% from 908 sales last month
Current Inventory (For Sale)
- Versus last year, the total number of properties available this month (3267) is higher by 9 units (3258) of 0.3%
- The number of current inventory is down 4.7% compared to the previous month (3428)
Property Under Contract (Pended)
- There was an increase of 2.5% in the pended properties in April, with 1031 properties versus 1006 last month.
- This month's pended property sales were 19.1% higher than at this time last year (1031 vs. 866).
The Average Sold Price per Square Footage is Appreciating*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values.
The April 2018 Average Sold Price per Square Footage of $187 was
- Up 5.1% from $178 last month
- Up 10.7% from $169 in April of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Shows Downward Trend*
The average Days on Market (DOM) shows how many days the average
property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market.
The DOM for April 2018 was 73, which is
- Down 2.7% from 75 days last month
- Down 1.4% from 74 days in April of last year.
The Average For Sale Price is Neutral
The Average For Sale Price in April was $504,000 which is
- Down 3.4% from $522,000 in April of 2017
- Same as last month.
The Average Sold Price is Appreciating
The Average Sold Price in April was $351,000 which is
- Up 16.2% from $302,000 in April of 2017
- Up 11.1% from $316,000 last month.
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory.
Months of Inventory based on Closed Sales, The April 2018 Months of Inventory based on Closed Sales of 3.6 was
- Down by 10.1% compared to last year (4.0)
- Down 5.3% compared to last month (3.8)
Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.
*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% - 33.33%
Absorption Rate based on Closed Sales
The April 2018 Absorption Rate based on Closed Sales of 27.6
- Up by 9.9% compared to last year (25.1)
- Up 4.2% compared to last month (26.5)
Published: May 2018*
Property Types: All Res. Proptype - All Properties - All Properties -
All Property Statuses
All reports are published May 2018, based on data available at the end of April 2018, except for the today stats. All reports presented are based on data supplied by the Mid-Florida MLS. The Mid-Florida MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the Mid-Florida MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
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