JOSH BUCHANAN

May 4, 2019

With the month of April coming to a close we are now one-third of the way through 2019. The month of April posted some strong numbers, particularly in terms of the sales-to-listings ratio. The number of sales for the month was 380 which is up 41 units from last April and the number of listings fell to 774 which is down by 20 compared to last April. The changes in sales and listings numbers created a sales-to-listings ratio of 0.49 which is up 6 total points from the same time last year. The average sales price for the month also saw a decent increase compared to the same month last year.

When compared to the 5-year averages from the month of April, this year’s sales numbers were nearly identical but listings dropped by 116 units which created a very significant sales-to-listings increase of 7 points.

For the year-to-date numbers, so far in 2019, we have significantly surpassed last year’s sales numbers. There have been 1,074 sales in the city as of the end of April which is up nearly 100 units from the same time last year. The number of listings is down by 70 units from 2,581 to 2,511 and the sales-to-listings ratio is up 5 points from 0.38 to 0.43. The average sales price is down roughly $16,000 for the year.

When compared to the 5-year averages for YTD numbers, sales are down 57 units and listings are down 484 units but the sales-to-listings ratio is still much stronger, jumping from 0.38 to 0.43. The average sales price for 2019 compared to the 5-year average is down by approximately $26,000.

Conclusion:

March and April both had relatively strong showings that have helped the market move away from a trend of slowing market conditions. This is the first year since 2014 that we have actually seen any kind of year-over-year increase in sales numbers. The movement of the market continues to confirm that we have bottomed out in terms of ratios but we still have a ways to go before we’re back in a balanced market state and an even longer time before prices begin to turn around.

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