By all accounts, Granite Bay ended 2018 with solid sales numbers. Inventory has been dropping for four months, while sales have remained relatively steady. However, fewer pending sales are indicative of a slow January.
Inventory (Listings) The number of for sale listings was up 22.7% from one year earlier and down 22.9% from the previous month.
Sales The number of sold listings decreased 17.9% year over year and decreased 8% month over month.
Pending Sales The number of under contract listings was down 40.9% compared to previous month and down 27.8% compared to previous year.
The Average Sold Price per Square Footage is Appreciating
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The December 2018 Average Sold Price per Square Footage of $291 was up 8.2% from $269 last month and down 6.4% from $311 in December of last year.
The Days on Market Shows Upward Trend
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for December 2018 was 80, up 35.6% from 59 days last month and up 90.5% from 42 days in December of last year.
The Sold/Original List Price Ratio is Falling
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 81% is down 10% % from last month and down from 14.7% % in December of last year.
Published January 2019, based on data available at the end of December 2018. All reports presented are based on data supplied by the MetroList MLS. The MetroList MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the MetroList MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.