Northgate Market 2017 YTD vs. 2016

Kathy Vendel June 5, 2017

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:

KEY STATS 2016 2017 DIFFERENCE
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.

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