August 2017 is a Seller’s market!
…..What is a seller’s market?? 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
The number of for sale listings was down 25.2% from one year earlier and up 18.1% from the previous month. The number of sold listings decreased 20.7% year over year and decreased 13.7% month over month. The number of under contract listings was up 17.8% compared to the previous month and down 5% compared to the previous year. The Months of Inventory based on Closed Sales is 1.2, down 7.6% from the previous year.
The Average Sold Price per Square Footage was up 0.5% compared to the previous month and up 10.2% compared to last year. The Median Sold Price increased by 1.5% from last month. The Average Sold Price was the same as last month. Based on the 6 month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Neutral”.
The Average Days on Market showed a neutral trend, a decrease of 25% compared to the previous year. The ratio of Sold Price vs. Original List Price is 100%, an increase of 1% compared to the previous year.
Property Sales (Sold)
August property sales were 195, down 20.7% from 246 in August of 2016 and 13.7% lower than the 226 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is lower by 81 units of 25.2%. This year’s smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is up 18.1% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 17.8% in the pended properties in August, with 245 properties versus 208 last month. This month’s pended property sales were 5% lower than at this time last year.
Inventory as of August 2017 in Elk Grove
Months of Inventory in Elk Grove based on Closed Sales
The August 2017 Months of Inventory based on Closed Sales of 1.2 was decreased by 7.6% compared to last year and up 33.2% compared to last month. August 2017 is Seller’s market.
Months of Inventory in Elk Grove based on Pended Sales
The August 2017 Months of Inventory based on Pended Sales of 1 was decreased by 16% compared to last year and the same compared to last month. August 2017 is Seller’s market.
All reports are published August 2017, based on data available at the end of July 2017, except for the today stats. All reports presented are based on data supplied by the MetroList MLS. The MetroList MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the MetroList MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
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