By Phyllis Scarberry
Over the past few years, many sellers have been hesitant to put their homes on the market because they were concerned about finding another home to purchase. Some were fearful of property taxes – perhaps because they are unaware of Florida’s portability.
Inventory shortages have been a constant concern for potential buyers. The two leading obstacles to homeownership for buyers today are (1) Affordability and (2) Limited Inventory.
Nationally, research has shown there is a steady month-over-month increase in the number of homes coming to market for sale. Fewer listings and available inventory slow the real estate market. However, an increase in inventory has many buyers and sellers now thinking it is time to make a move.
For the last two months, we’ve seen over four months of inventory become available for sale, a promising number that’s been slowly increasing this year and creating more buying opportunities. To further support the idea of an improving real estate market, Sam Khater, the Chief Economist at Freddie Mac says, “…In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.”
Many experts, like Khater, believe the second half of 2019 will drive a stronger market than we saw at the beginning of the year. This is great news for homeowners who have put off getting their houses on the market and are now ready to make a move.
How healthy is our Weston market?
Our months of Inventory for single family homes (all price ranges and based on closed sales) is 5.4 months, which is up 46.6% compared to last month and up 85% compared to last year. Under six months of inventory still lends itself to a seller’s market. This supports what is happening nationally.
The average listed price in Weston is nearly a million dollars – $989,000. The average sold price is $623,000. The average list price is up 1.6% compared to last month and up 11% compared to last year. The average sold price is up 1.5% compared to last month and up 8.5% compared to last year. The average price per square foot is $218 – which is down 6.8% compared to last month but up 0.5% compared to last year.
Single-family homes are selling within 95% of their original listed price. The days on market is merely 49 days (from list to contract date). The number of homes closed is down 29.2% compared to last month and down 45.7% compared to last year. The number of homes placed under contract is down 4.7% compared to last month and up 2.5% compared to last year.
Current statistics show 341 homes on the market and 85 homes under contract. This represents an inventory is up 4.9% compared to last month, yet 0% compared to last year.
If you are thinking of selling, now is the time as inventory is healthfully on the rise.
- Phyllis M. Scarberry, CRS, CLHMS, SRES, E-pro, Certified Relocation Specialist, Realtor® is affiliated with Berkshire Hathaway HomeServices EWM Realty. She has been licensed for 23 years and has assembled a team of highly trained professionals to help take care of the many details that come with buying, selling and leasing your property. To learn more, call 954-980-3385, e-mail [email protected], visit www.PhyllisMScarberry.com, or check out her blog at www.ScarberryGroup.com.