The Meyers neighborhood had a pretty interesting quarterly report, most of which was good. Both median and average home sales are up, which we like to see. They didn’t have huge increases, but the median did go up by 6.3% and the average did go up by 9.8%. Closed sales also went up 6.5%. New listings and pendings dropped though, which we will get to shortly. The new listings went down by 29.5% while pendings went down 19.4%. This makes sense though as the month supply went down substantially by 69.6%. This market is definitely in a seller’s market with a supply of 1.7. In order for the market to be considered balanced, we need a 6 month supply. So these decreases can simply be explained by lack of inventory.
|Meyers Market Comparison||2017||2016|
|Number of Sales||33||31|
|Median Home Price||$369,000||$347,000|
|Average Home Price||$395,027||$359,758|
|Average List to Sale Ratio||97.4%||97.3%|
|Average Dollar Per Square Foot||$292||$258|
|Days on the Market||112||89|