Market Share YTD & July Monthly Indicators Report for Housing Market

July 2019

At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.

When comparing 2019 to 2018 statistics, New Listings increased 5.0 percent for single-family detached homes and 17.3 percent for single-family attached homes. Pending Sales increased 6.2 percent for single-family detached homes but decreased 12.1 percent for single-family attached properties.

Median List Price was down 5.9 percent for single-family detached homes and 6.8 percent for single-family attached properties. Months Supply of Inventory increased 21.4 percent for single- family detached homes but remained flat for single-family attached properties.

An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.

Single Family Detached Market Overview

Key metrics by report month and for year-to-date (YTD) starting from the first of the year.

Single Family Attached Market Overview

Key metrics by report month and for year-to-date (YTD) starting from the first of the year.

New Listings

A count of the properties that have been newly listed on the market in a given month.

Pending Sales

A count of the properties on which offers have been accepted in a given month.

Closed Sales

A count of the actual sales that closed in a given month.

Median List Price

Median list price for all new listings in a given month. List prices can serve as a leading indicator of future price movement.

Median Sales Price

Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

Average Sales Price

Average sales price for all closed sales, not accounting for seller concessions, in a given month.

Median Price Per Square Foot

The median price per square foot of homes sold in a given month. Does not account for seller concessions.

Average Price Per Square Foot

The average price per square foot of homes sold in a given month. Does not account for seller concessions.

Dollar Volume of Closed Sales (in millions)

The total dollar volume for all closed sales in a given month (in millions). Does not account for seller concessions.

Median Percent of List Price to Sale Price

Percentage found when dividing a property’s sales price by its most recent list price, then taking the median for all properties sold in a given
month, not accounting for seller concessions.

Average Percent of List Price to Sale Price

Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given
month, not accounting for seller concessions.

Median Days on Market Until Sale

Median number of days between when a property is listed and when an offer is accepted in a given month.

Housing Affordability Index

Measures housing affordability for James City, New Kent and York Counties. For example, an index of 120 means the median household income
is 120% of what is necessary to qualify for a median-priced home under prevailing interest rates. A higher number means greater affordability.

End of Month Inventory

The number of properties available for sale in active status at the end of a given month.

Months Supply of Inventory

The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.

Total Market Overview

Key metrics by report month and for year-to-date (YTD) starting from the first of the year.

Area Overview

Key metrics by report month for areas in the Williamsburg Multiple Listing Service.

To Read the Full Document Click Below:

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