North Plains Market Update – 7/30/19

Add a subheading copy 12This past week there were a total of 40 properties on the market.  Of those 40 properties,  Three were new on the market, and zero were sold.

For the week of July 26th,  the median list price for homes in North Plains was $492,450.  The 40 properties have been on the market for an average of 56 days.  Inventory is still starting to tighten and days on market has decreased.  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 have small changes 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.  From the week of 7/20/19 to the week of 7/26/19 there was a $57,540 decrease in the median list price.  The Market Action Index is a good leading indicator for the durability of this shift.

INVENTORY OF PROPERTIES LISTED FOR SALE

There was a slight increase in properties for sale this past week with three more properties coming on the market.  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 56 days which is a decrease of 12 days from last week.  Homes with a median price of $427,495 are averaging 42 days on market while homes with a median price between $467,400 & $562,495 are averaging 36 days on the market.

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