New listings were down from 1,558 to 1,288 which is a 17% decrease from 2018. This resulted in a 2.8% decrease in home sales from 1,109 in 2018 vs 1078 in 2019. The Average Sales price is $350,934 which is a huge jump from $340,594 in 2018. The Medium Sales price is $315,000 vs $300,000 in 2018 which is a 3% increase. The Year to Date (YTD) unit sales through March 2019 is 3,048 which is down from 2018’s 3,114, but still up from 2017’s 2,955. The average days on market is 36 days compared to 28 days in 2018. The total homes under contract in March were 2,139 which is down from 2,278 in 2018. In fact, this is the 4th consecutive year we have seen this downward trend in the month of March.
We experienced a price reduction in list price across the board for the first time in several years with one price category seeing as much as 19.5% of its listed homes’ prices drop. Home sold in March sold for 99.8% of list price, compared to 100.2% in 2018.
What do these numbers tell us? It’s really hard to say. However, it’s important to point out that since March 2018 we have seen a decrease in unit sales every month with June 2018 being the only exception vs prior year. September 2018 alone saw a decrease of 236 units sold vs LY numbers. In fact, year 2018 marked the first time in 9 years that we had fewer units sold vs LY.
Does this mean this is the beginning of a bear market, or just a peek at a much-needed correction? It’s too early to guess, but it’s hard to ignore statistic facts. For example, year 2006 marked the beginning of a four-year downward trend, which was followed by seven consecutive upward years. Only time will tell us if we are beginning another downward cycle, but you can bet we will keep an eye on it for you.