Three key points to think about when selling your home. First, what’s the market like on a Macro level and how will that affect my home while it is on the market? Second, will I get what I need out of my home to make this journey worth my time? Finally, what is the local market looking like on a Micro level?
To understand more about the Macro level of the Real Estate market. The article talks about interest rates and how this could affect the buyer and sellers.
This Blog post will help you understand the local Real Estate market in Mariposa County. Here are some figures to help you see how the local market is trending.
In 2017 the average median home price was listed at $328,000 and sold at $300,000 -8.54% from the original asking price. In 2018 the average median home was listed at $335,000 and sold for $326,000 down -4.48% from the original asking price. Even with the average drop in price, home prices from 2017 to 2018 increased by +6.7 percent.
Using days on market and average home price helps to understand how the market is moving and creates the inventory of homes on the Market.
It is widely accepted in the Real Estate Industry:
0-4 months of inventory is a “Seller’s Market”
5-7 months inventory is a “Balanced Market”
8-12 or more months of inventory is a “Buyer’s Market”
In the Start of 2018 the Mariposa County had 8 months of Inventory. Spring through summer there was about 6 with the lowest in June at 5 months. 2018 was for the majority of the year was a buyers’ market with a balanced market from the summer to closing of the year.
How to view these numbers.
Days on market have increased and predict in 2019 those days to stay about the same. As the days on market have increased, this could indicate that Mariposa County is reaching its peak. Now look at Pricing. Pricing is the key factor that helps you the seller determine if placing your home on the market is even worth your time. 2019 is predicted to provide a 4% increase in prices. Combining these two factors help form the picture of the Real Estate market inside Mariposa County.
With inventory increasing or staying on track with 2018 numbers, the forecast in 2019 of selling your home in a timely manner and at your asking price is currently still looking very promising with in Mariposa County.
Have questions? Want to know more about how these numbers could affect you? Contact me at 209-742-3974 or at http://www.myrealtorbryce.com
Numbers obtained using the CRMLS, guidelines included Mariposa County, single family residence, and standard purchase non distressed homes.