North Plains Market Update

Add a subheading copy 12During the month of June there were a total of 46 properties on the market.  Of those 46 properties,  19 were new on the market, and 14 were sold.

For the week of July 20th,  the median list price for homes in North Plains was $549,990.  The 37 properties have been on the market for an average of 68 days.  Inventory is starting to tighten and days on market is starting to increase.  The market action index shows that there is still demand for homes.

SUPPLY & DEMAND

The Market Action Index shows that the market is holding steady, despite the recent flattening of prices.  Currently there is a Slight Seller’s Advantage, should inventory continue to decrease with demand staying the same we could see a shift in the market towards sellers.

MEDIAN PRICE

Despite this recent shift the market does seem to be pausing around the flattening of prices.  The Market Action Index is a good leading indicator for the durability of this shift.

INVENTORY OF PROPERTIES LISTED FOR SALE

There has been a slight decline in inventory recently.  It should be noted that this decline in inventory alone should not be used to determine the strength of the market.  When combined the Market Action Index and Days on Market are used to gauge if buyer interest is changing.

DAYS ON MARKET

The properties have been on the market an average of 68 days.  Homes with a median price of $434,845 are averaging 21 days while homes with a median price between $479,950 & $585,00 are averaging 60 days on the market.

If you are considering selling your home, NOW is the time!