November’s Market Update for Martin Acres and Majestic Heights

December 13, 2016
image

# of Closed Sales: 6

Average Days on Market for Solds: 50

Median Sales Price 610000

# of New Listings 6

Months of Inventory Last Month 0

We are 85% of the way to thefinish line. There will still be a few good sales before the year is out butthe market is getting sleepy after the 2016 feast. Buyers ate up some greatproperties and sellers ate up some great sales prices.


Things can change a lot in onemonth. At the end of August the Median price, year to date, was 16% higher thisyear than last year. At the end of September it was 14%. At the end of thismonth 2016 is “only” 11% higher than at this time last year.

The reason for the change had todo with the comparison of October sales. This year’s October sales had a medianprice, which was only 2% higher than last year’s. The numbers will continue tofloat but I expect to close out the year with double digit appreciation.

We had 6 sales in October of thisyear which was the same number as October of last year. Year to date we’ve hada total of 40 sales which is right in line with the 42 sales we had at thistime last year.

As of the end of October therewas only 1 listing available for purchase and there were 5 under contractwaiting to close. There was only one listing available for purchase at the endof October 2015 but only 2 properties under contract. The median price of those5 sales compared to last year’s 2 sales will determine if our median priceappreciation goes up or down. Sellers want it to go up and buyers want it to godown. Stay tuned for next month’s report to find out which way we swing.