22 May Weekly Market Report | MAY 22, 2018
MAY 22nd, 2018
• Recapping the weeks in April:
– First week $727k⠀
– Second week $824k⠀
– Third week $857k⠀
– Fourth week: $865k
• Recapping the weeks in May:
– First week: $893k
– Second week: $887k
• What does this mean? We’re starting to see the market stabilize (!) and plateau as the average sale price now sits at $890k. Last year this time, the average sale price was $862k. • If we continue on this pace, we will see the first positive variance (in price) year-over-year at about 3%.
• Not surprisingly, we won’t see a positive variance as far as sales as inventories have continued to be low. In the 416 last year we had a total of 3,926 sales. As of May 10, we sit at 1,120 sales – if we project that out, we can estimate that total sales will be around 3,350. This will result in a 12-14% decline.