I don’t know if it is just me, but October is flying by and as of today, it is actually starting to feel like fall. It should even be in the 60s tonight. Hello cold(ish) front!
Today is Monday, and on Mondays I focus on my neighborhood, Memorial Northwest. You can find last week’s update at this link here. Today I will be giving a general overview and comparing this past week in 2017 vs the same week in 2016. Feel free to reach out if you have any specific questions.
Here on the Odds of Selling Your Home graph, you can see that there are currently 34 active and available homes on the market and 9 pending. In the last 12 months, an average of 8.3 homes have sold each making, leaving us with a current inventory of 5.2 months of supply. Compared to last update, we have one less home on the market, and one less pending home. If I am not mistaken, this means one home closed. The homes selling per month has dropped by .1 and the months of inventory has decreased by .1.
One of those pending homes (the yellow diamond shape) is actually my listing on Naremore that is set to close before the end of the month. I am super excited about that.
So yes, above, is an updated scattergram with the year to date sold homes and the current homes on the market. This graph gives you a basic idea of what you could sell or purchase a home for in the neighborhood when mapping it according to square footage. The blue circles towards the bottom were homes needing work, updating, and/or were foreclosures. The homes above the line are typically newly renovated homes.
When comparing this past week of last year to this past week of this year, I could see that 3 homes sold in 2016, and 1 home sold this year. When comparing all of September, 10 home sold this year, compared to 8 in 2016. So even though our September is up this year compared to last year, I believe we will still not hit the amount of homes sold in total for 2016, which was 123. I think this is because we have had a really low amount of inventory this year. I remember searching for clients before the summer, and during the summer, and I remember just not having many options for them.
If you would like some more specific data, please reach out to me. Until next time..
Jordan Marie Schilleci, REALTOR®
Beth Ferester & Company