Looking Local as we close out 2018. MLS Data shows market-wide Months-of-Inventory at 3.6, and down to 7.5 in the Luxury space. This is consistent with 3.9 in the same period of 2017. December also gave us a fourth month of Average Sold Prices above $200k ($205k in December 2018). That’s a first. There was a significant jump YoY in December for pending sales (39.5% increase, 311 versus 223 in Dec. 2017.) Hopefully, agents are harvesting new listings from folks who were waiting out the holidays – otherwise, we will see very low January Months-of-Inventory. (Last year, MOI climbed almost a full month. So there is some history for a rise.)
In our Movers-moving index for December, we saw 131 qualifying transactions. See attached. A nice closeout to the year.