How did our Raleigh market end the year in 2018? First, let’s compare the year-over-year numbers from the month of December.
Compared to December 2017, the number of new listings in December 2018 dropped 0.3%. In that time, the number of closed sales also dropped a full 17%.
Although sales were down, the median sale price and the average sale price both rose—up 6.5% and 7.3%, respectively. The average days on market, meanwhile, dropped 15.6% from 32 days to 27 days. Finally, our supply of inventory rose 5.3% from 1.9 months to two months.
With sales dropping but prices still rising, these numbers show some mixed indicators. What about the year-over-year numbers representing all of 2018 and 2017?
First, the number of new listings dropped 2.1%. The number of closed sales, however, rose 3.6%. As with the monthly comparison, the median and average sale price continued to climb at 6.4% and 5.4%. Lastly, the average days on market dropped from 7.7% from 26 days to 24 days.
Much like the monthly numbers, the yearly numbers are a bit of a mixed bag. The overall trend we’re seeing, though, is a slowdown of home sales, and this indicates we’re moving into a shifting market in 2019. Moving forward, we’ll have to keep an eye on whether home sales continue to decrease or if these price increases start to slow down.
If you’d like to know more about how these numbers impact you, don’t hesitate to give me a call. I’d be happy to speak with you.