April 2019 Market Update
Last month’s update showed prices increasing, homes for sale decreasing, and median days on market sputtering, but decreasing again. To update those stats, here is a general view of the market in Lewis County.
March to April median home prices increased just under 1% (.009)
March to April average days on market decreased just under 4% (3 days)
March to April homes for sale down 1.6% (12 fewer homes on market)
To summarize, the current trend of more homes being sold than being listed for sale each month, time on market decreasing, and prices ever increasing is continuing.
Rather than delivering the same information each month, I wanted to change it up a little bit and show you a niche in Lewis County that is doing very well: Lewis County Luxury Homes.
To keep things simple, I’m defining the luxury market as any home over $400,000. The graph above shows that while luxury homes have experienced roughly the same trends as non-luxury, the impact has helped the market rather than hindered.
Typically these homes are on the market for a 10+ months, now the average is hovering around 3 months. Although there is less months of supply, there are actually more luxury homes available today than there has been in the past 8 years!
Further, the price per square foot has never been higher in this last decade. You’ve heard it’s a good time to sell, but now you have the stats to back it up!
Leave a comment below if you have any questions or want me to discuss this or other stats in more detail. Have a specific area in mind that you want me to cover? Look forward to hearing from my readers!