Looking at the year-to-date number of closed residential properties in GRAR we see that 2018 will probably continue the trend of the past two years of a slightly slower market than the record year of 2016. Assuming December 2018 meets the average for a December the total number of closed residential sales for the year should be at or about 12,178 or slightly below the level attained in 2015.
Note that the average anticipated market time for all properties priced below $300,000 remains at something less than a month. The number of months’ worth of inventory in these brackets is below 1.57, with some being themselves less than a month.
What this tells us (which we may also know from experience) is that properties entering the market which are well positioned and presented are going to receive a lot of attention very quickly.
Both buyers and sellers need to be prepared.
One of the most impressive charts is on page 18
- This is mean and median price from November 2010 (eight years ago) plotted by
month for the averages over the previous 12 calendar months.
- It is almost a straight line going up at a decisive angle
- It is a decade of ever increasing sales prices!
Or if you like look at page 20
- This shows the same kind of escalation of values but plots the mean and median
at the end of each calendar year.
So, since the end of 2008 the mean average has gone from 102.8 thousand dollars to its current level of $223.6 thousand dollars. More than double!
Theoretically, anyone who purchased in 2008 should have doubled their investment! If they purchased with 10% down their down payment of around 1200%. How is that for a reason to buy rather than rent?