04 Jun Shadow Wood at the Brooks Real Estate News | June 2017
As of June 1, 2017, there are 71 active listings in Shadow Wood; 2 less than last month. There are 50 single-family, listed homes ranging from $495,000 to $2,850,000. The average list price is $1,070,364 and the average days on the market is 132 days. Combined days on the market is 215. In the condo market, there are 21 active listings in Shadow Wood. Ranging in price from $274,900 to $634,900. The average list price is $417,919 and the average days on the market is 129. Combined days on the market is 157.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 25 sales; the average sales price was $400,140; and, these condos were on the market an average of 97 days; combined days on the market is 177.
- During the 12 months previous, there were 22 sales; the average sales price was $367,495; and, these homes were on the market an average of 49 days; combined days on the market is 112.
- During the last 12 months, there were 48 sales; the average sales price was $969,130; these homes were on the market an average of 118 days; combined days on the market is 204.
- During the 12 months previous, there were 48 sales; the average sales price was $971,401; and, these homes were on the market an average of 109 days; combined days on the market is 195.
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JUNE MARKET UPDATE
“May was a strong month,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “Pending and closed sales were up 25+ percent over last May. This is an encouraging sign as we approach summer. We are heading into summer with a lot of sales momentum. We have an inventory of over 1,400 listings. Overall, this year has been better than last year.
“Our pending unit activity in April 2017 is directly related to sellers’ price reductions,” stated Jerry Murphy, Managing Broker, Downing-Frye. “As more sellers adjust pricing to the current market value, the more pending activity we’ll see going forward. Adjusted pricing also has contributed to the median home price trending downwards in April as well.” For April 2017, there were 445 price reductions out of 1,785 total active units. The number of overall closed sales, including single-family homes and condos, for 12 months ending April 2017 was 2,989 units as compared to 2,965 units for 12 months ending April 2016, a 1 percent increase. Pending sales for April 2017 were at a 7 percent increase with 3,098 units versus 2,902 units compared to April 2016. The days-on-market was 974 days, which was an increase of 39 percent. As of April 30, 2017, there were 1,690 units of inventory for single family homes and condominiums, and the average current months of inventory stands at 6.7 months.
FLORIDA: TIGHTER SUPPLY – HIGHER PRICES
Rising median prices and constrained inventory remained a prevailing trend in Florida’s housing market in April. The statewide median sales price for single-family existing homes in April was $234,900, up 10.3 percent from the previous year. “Closed sales of single-family homes were down in 14 of Florida’s 22 metro areas compared to last April, and fell by 1.2 percent statewide – but there is no indication that demand is falling off,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “Rather, all signs continue to point to a market being held back by a shortage of homes for sale. As of the end of April, the statewide inventory of single-family homes for sale was down by nearly 5 percent compared to where it was a year ago. April’s inventory remained constricted with a 4-months’ supply for single-family homes and a 6.1-months’ supply for townhouse-condo properties, according to Florida Realtors.
USA: PENDING SALES DOWN
Pending home sales in April slumped for the second consecutive month. They were down year-over-year nationally and in all four major regions. Contract activity is fading this spring because significantly weak supply levels are spurring deteriorating affordability conditions, says Lawrence Yun, NAR chief economist. “Much of the country for the second straight month saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” says Yun. Unfortunately, Yun believes there’s little evidence that today’s astoundingly low supply levels are going away soon. Home-building activity has not picked up enough this year, and too few homeowners are listing their home for sale. Yun forecasts existing-home sales to be around 5.64 million this year, an increase of 3.5 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 5 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent.
A Word from Downing-Frye Broker & General Manager, Mike Hughes
The 2017 real estate sales trend line tells a story. Here is what I have seen so far. Most local industry experts will tell you that January and February sales were good but not great. March was a different story. March was spectacular. April was good but not great. May is shaping up to be another spectacular month for sales.
Let’s take a look at the Downing-Frye pending sales and closed sales for the first seventeen days of May 2017 and compare these numbers with the first seventeen days of May 2016: Our closed sales volume in May 2017 is up 39% compared with the same period last year. Our pending sales are coming in very strong. Downing-Frye’s pending sales volume for the first seventeen days of May 2017 is up 88% over the May 2016 pending sales volume for the same period. Our pending sales transactional sides are up 32% in May 2017 compared with the same period the previous year.
It is encouraging to have a strong May for sales because this might be an indication of the kind of summer that we could experience.
Our inventory continues to hold steady with just over 1,400 listings.
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