Bis-Man Market Minute 6-22-18 Bedroom Breakdown
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This week we are analyzing the average prices of homes based on bedrooms. This form of analysis is useful in a couple different ways.
First: I like to look at Average List Price for 2018 and compare it to Average Sold Price. I've highled the section in yellow. We can see that list prices & average sold prices are up across the board. Secondly, two bedroom (or less) homes have jumped up over 10% in list price and sold price. Either demand is is way up or the supply is down. Looking at this simple chart...there have been 10 less this year than this time last year. What do you think?
Secondly, I like to look at average time on market or Days on Market (DOM). I've highled those numbers with red. Across the board we see that homes are selling between 75-118 DOM. From the year previous where all the different homes were selling in two month, we are seeing a lot of variation. When selling a home, this is useful to give you an idea of how long it may sit on the market before it sells. When buying a home, this is useful to give you an idea if you should hurry up with an offer or maybe make a more buyer friendly (lower) offer. Your realtor should be able to help you with those decisions.
BONUS: I wasn't going to hit this but I'll throw it in. Notice the difference between Average List Price and Average Sold Price. For two bedroom homes its about $1800. Then for three bedroom homes its about $4700. Four bedroom plus homes are $7850. Notice a pattern? From the year prior which was roughly $6k, $3k, and $6K, we see a more linear change. Simply put, there is room in the list price to get a 1-2% off when you purchase. So, as a buyer - don't be shy to offer a little lower. As a seller - you may get slightly lower than asking. BUT: keep this in mind, this chart is rather basic. For more info, call, text or e-mail me at firstname.lastname@example.org.
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