June 2017 Preston Report8/15/2017
June sales were up 3.6% over last June or 16 more closed transactions. making year to date sales up 151 transactions or up 7.6%.
Number of active listing held steady only going up 12 active listings to 1828. That is still a big number, especially in the upper price ranges.
If you look at how many houses sold in the first month compared to the current active inventory we have over a six month and way higher in every price range from $300,000 and up. even the $225,000 to $300,000 the numbers are only 7 to 28 more closed for first half of the year compared to active listings.
The average days on market for these homes that sold this year is 59 days, the median is 33 days. Now this does not take in consideration relisting with new realtors or taking it off and putting it back on to get a new start on days on market. Over $300,000 the average is 73 days and median is 46. Over $500,000 the average is 103 days and 64 median. none of these averages come close to the absorption rate which is higher on all the prices over $300,000. not far off on the lower price ranges.
Days on Market only reflects the successful sales, not the ones who sit that are not selling. Which seems to be quit a few. the average days on market for active listing right now is 82 days on the market with a median of 61 days.
New homes were almost on last years first half numbers. closing 455 this year compared to 457 last year.