Quick update on Northgate market data as of June 5th, 2017. While it continues to be a strong sellers’ market, we are seeing an increase in Northgate inventory levels. The effect is predictable: year to date, average days on market have increased 33% with fewer homes closed (20% fewer) as compared to the same period YTD in 2016. With more homes to choose from, buyers can take more time to decide and are ultimately slower to get into contract. Here is the data:
|Homes Sold YTD (through June 5th)||54||43||20% fewer closed|
|Average Sold Price||$1.189M||$1.213M||2% higher prices|
|Average Days on Market||15||20||33% longer time on market|
|Average Home Size||2,549||2,532|
|Inventory Level (months)||0.8 months||1.8 months||1 month more inventory|
Let me know if you have questions! I am available any time to discuss your home selling strategy.