The Days Have Gotten Shorter – So Have the Days on Market
As we enter the fourth quarter of 2018, the Greater Capital Association of REALTORS® reports the market activity has not slowed down.
There was a 12 percent increase in showings for properties listed over $225,000 and new construction in the Capital Region might be the cause. With the season’s new construction culminating in increased sales and closings the latest Capital Region real estate stats indicate that new homes are spending an average of only 48 days on market, a drop of 30% over 2017. The time spent on the market for resale homes is not that much different with the days on market decreasing by 12 percent in year over year comparisons – about two weeks longer at 56 days on market.
Greater Capital Association of REALTORS® President, Susan Sommers of Better Homes and Gardens Tech Valley Real Estate, commented on the numbers stating, “Realistically speaking, 56 days is a very short period of time between For Sale signs being placed in the yard to handshakes at the closing tables yet year over year prices have remained very affordable throughout our market.”
Sommers is on target on affordability – the median price of $203,000 for new construction and resale is only 1 percent higher than one year ago.
While new listings increased 9 percent over last October (to 1,489), the inventory level still decreased by 5 percent to 5,384 units indicating more selling than listing activity is still occurring across the Capital Region market.
Pending sales increased only slightly over October 2017 to 1,044 for the month. Closed sales decreased 8 percent from October 2017 to 1,045 for
GCAR Chief Executive Officer, Laura Burns, also commented on the effect new construction was having on the area’s real estate market, “With an 11 percent increase in new construction listings and a 5 percent lower median sale price of $371,000, buyers can broaden their search for a home which, when coupled with the positive resale numbers, should keep the market active through the year’s end.