PACE REAL ESTATE MARKET REPORT – January 2019
We are currently in a seller's market with LOW INVENTORY for buyer's looking to purchase a home. If you have been considering selling your home - NOW IS A GREAT TIME! Home values have been on the rise so you may be pleasantly surprised about your home's value in the current market.
January property sales were 45, up from 37 in January in 2018 and -33.8% lower than the 68 sales last month. . January YTD sales of 45 are running 21.6% ahead of last year's year-to-date sales of 37.
The median sale price in January was $218,000, up 8.3% from $201,250 last month. The average sales price in January was $223,582, up 3.3% from $216,360 in January of 2018 and up 1.0% from $221,264 last month. January 2019 average sale price was at highest level compared to January of 2018 and 2017.
Inventory & MSI
The total inventory of properties available for sale as of January was 168, down -2.3% from 172 last month and down -39.6% from 278 in January of last year. January 2019 Inventory was at the lowest level compared to January of 2018 and 2017.
A comparatively lower MSI is more beneficial for seller while a higher MSI is better for buyers. The January 2019 MSI of 3.7 months was at its lowest level compared with January of 2018 and 2017.
The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer's market, a downward trend a move towards more of a seller's market. The DOM for January was 54, down from 66 days last month and down from 77 days in January of last year. The January 2019 DOM was at its lowest level compared with January 2018 and 2017.
Selling Price vs Listing Price
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. the lower the ratio is below 100% the more of a buyer's market exists, a ratio at or above 100% indicates more of a seller's market. The January 2019 selling price vs list price of 95.9% was up from 95.4% last month and down 98.1% in January of last year.
This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in January 2019 was 75, up 47.1% from 51 last month and equal to 75 in January of last year.
I would love the opportunity to discuss your individual real estate needs and how I can help you achieve your goals. When you hire me, you get the national presence of Coldwell Banker, all their marketing tools via print, internet/social media, television and my 20+ years of real estate and marketing experience working for you. I hope this information is helpful to you and I look forward to earning your business.
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Call me at (850) 377-4410 to find out what your Pace FL home is worth or so we can discuss your housing needs. I know this market incredibly well and can assist you with all your residential real estate needs in this market.
Review the Home Sales in Pace FL 32571
Statistics represent single family homes and townhouses in PACE FL (Source: PARMLS) for the referenced month. Information is deemed reliable, but not guaranteed.