October 2018 has come and gone. Let’s take a look and see how the Westridge Village real estate market fared compared to the same time last year.
8 New Listings were added to the market in October compared to 11 a year ago. A modest decrease of 27%. Westridge Village is still well within their parameters for new listings coming on the market. The low end is around 5-6 homes per month with the higher end extending into the mid teens.
There were 7 Active Listings compared to 12 a year ago. This represents a 43% decrease. This helps as there is not a lot of competition right now.
The Median List Price for October 2018 shows a 1.6% increase from October 2017. This is a positive, but notice how this number is just a touch above this time last year. As you have probably heard, the market has cooled a bit from its ferocious tear starting about 6 years ago. It is still a good sign that you are still trending up, but at a much reduced velocity.
I will address the sold statistics under the comparisons below.
median list price
There were 7 Homes Sold in October 2017 versus 8 in 2018. This represents a 14% increase over last year, but it is only 1 home, so basically the same.
The Median Sales Price was up 2.62% since last October. As with the Median List Price listed above, it is good to be up, but be wary that the velocity of appreciation seems to be slowing quite a bit from years past.
The Average Price Per Square Foot is up 13.75% from last October.
The Average Days On The Market is up 28.57%. These are good numbers, but compared to the roughly 2 weeks that it used to be, it can feel like an eternity. This is just a function of the cooling market. I will address my thoughts on why things have slowed in another blog post, but my hypothesis right now is that interest rates being at 5% has a good deal to do with it.
The Closing Price Versus The Original Listing Price As A Percentage was 96.9%. This is only about 1.25% above what homes were getting last year. Westridge Village has had many months where this number was at, or over 100%. While a decent number, it is not 100%. What this tells us is if a home is originally listed for $500,000, on a rough average, it will sell for $15,000 less, or $485,000.
Months Of Inventory is a gauge to let you know if it is a sellers or buyers market. The standard is that any reading above 6 months is a buyers market and below that is a sellers market. At present, there is about 1 month of inventory, so still a sellers market.
The Westridge Village real estate market is still solid even if it is moving at a slower pace. Time will tells if buyers are just digesting interest rates of 5%, and we are back off to the races. Or, if the market is really cooling and taking a breather?
If you are thinking of selling or buying a home, please give me a call at 303-520-8700. My 1% listing fee will save you thousands and you normally do not get 22 years of experience and the multitude of marketing items I give you at this percentage from other companies. Visit my link on this site and list your home for only a 1% listing fee.