Market Update: December 2018
For those that have spent a good deal of time studying real estate market trends, you might know that our market is seasonally affected. Historically, January experiences the highest days on the market for residential property. In January, 2018, for example, the average days on market was 47, compared to 17 days in June, 2018. While the overall market is still a very strong seller’s market, the buyer may experience more leverage in negotiations during the winter months, especially if the seller is hoping to move fast. Wait until spring, and the buyer will experiences the lowest supply of the year. So, if you are thinking about purchasing a home in the next 6 months, now would be a great time to get serious.
With that said, the general market conditions still support sellers. This quarter, compared to last year’s 3rd quarter, we have experienced a 2% decrease in new inventory, and an almost 14% increase in median sales price. Days on market has decreased 10%, from 59 days to 53 days. Therefore, if you are a seller who must sell before you buy your next property, it can be a great time for you if the right replacement property is available. If you are thinking about buying or selling and just aren’t sure about the best timing for you, just give us a call. We are happy to provide the information you need to evaluate your specific goals.
This data was pulled from the Big Sky Country MLS for 2018. While we attempt to provide reliable, useful information, we cannot guarantee that the information is accurate, current or suitable for any particular purpose. Estimates are subject to change without notice.