May 2019 re-sales in PebbleCreek were literally off the charts. There were 44 closings in May – far and away more sales than we have ever seen and a definitve reversal of typical trends for this time of year.
At the same time, average prices are remaining essentially steady, though slightly increased over what we saw in February and March.
It is also true that there are 25% more homes on the market as of the end of May of this year than there were at the same point last year.
One can only imagine that June sales will be down from May’s when the final numbers for the month are in. However, the recent strong performance in both April and May of this year has given us record year-to-date resales of 140 year to date. Last year at this time there were 130.
The currently active homes have an average days on market of 79 days; this includes both a brand new listing and a home that has been available for over 300 days.
So. What does this mean for buyers and sellers? Buyers should recognize that, summer though it may be, average sales prices are not going down. And, while the number of closings will inevitably go down from May’s high, 2019 overall still holds the record to-date for overall sales. Buyers should assume that sellers are not desperate, and excessively low offers tend to backfire in this environment. On average, in May, homes closed for 99% of asking price and 96% of the original asking price.
At the same time, sellers need to remember that it is seasoned adults who move to PebbleCreek. Seldom is this a buyer’s first home. PebbleCreek buyers know what they are doing, are able to do substantial research on their own and will reward overpriced homes with excessive days on market. And, to complete the thought, excessive days on market generally result in price cuts…
A summer buyers is a serious one. And a summer seller will not have to deal with recreational buyers who lack serious intent. It is a great time to buy and sell in PebbleCreek!