Highlands Plateau Real Estate Update
The Highlands Plateau has seen a resurgence of interest in its real estate for sale. The number of closed sales has increased year-to-date from 140 closings in 2016, 161 closed sales in 2017 and a big jump in 2018 with year-to-date sales of 224 homes.
The median sales price has also increased from $350,000 in 2016, up to $360,000 in 2017 and again a jump to $432,500 in 2018.
The total days on Market has declined with a drop from 317 days in 2016 to 241 days in 2018.
The overall inventory is shrinking with only 866 single family homes for sale. There were 670 Closed sales over the last 12 months with 116 homes either pending or in due diligence. This equates to just over a 13-month supply of inventory. The lowest level in several years, indicating we are entering a balanced market.
What does this mean? Prices have leveled, and we are beginning to see increases in both the average sale price and the median sale price of houses sold. With the decrease in days on market it is a great time to both buy and sell.
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Highlands Sotheby’s International Realty