Midlothian home sales rose 11 percent in November compared to October. That is a 9 percent increase over last November’s numbers. This is a sign that the Midlothian real estate industry is seeing improvements is the reduction in the number of days one can expect to wait to sell their home. This number was down from 42 in October to 38 in November. Last November, the listing homeowner could expect to wait an average of 44 days to sell their home, which is a 14 percent reduction from this year’s 38 days.
This time of year, which is generally slower than the summer months, the market looks favorable to regain movement in February. Once on the rise, market averages generally continue to rise slowly until they peak in June.
More units were sold in November 2017 than in the preceding month with 154 units sold compared to 139 units in October. This is a 9 percent increase from last November.
Median Sales Price
The month of November brought 160 new listings, much lower than October’s 219 new listings. The total number of listed units in Midlothian at the end of November was 303. November’s data reflects a two-year trend towards increased new listings which began in December 2015.
Months of Supply
Months of Supply gives the buyer or seller an idea of how long it would take to deplete the current inventory. The number derived from taking the number of properties that are for sale and dividing it by the number of properties that sell. In November, the months of inventory were 2.7, down from October’s average of 3.5. The national average Months of Inventory for November was 4.6.
What this Means for Buyers
Buyers continue to have an excellent inventory to choose from as new units hit the market continually in Midlothian. Home sales prices are currently lower than in recent times, making this a favorable time to make an offer on a home. Spring generally brings increased listing prices, making it important to consider when making a winter purchase.
What this Means for Sellers
Sellers who list their homes for sale during the winter months may wait longer to sell than if they waited until the spring or summer. If it doesn’t matter whether or not you sell during the winter or summer months, there doesn’t seem to be a reason to withhold your listing from the market during the winter months. Sellers who listed their homes for sale earned a total of around 100.2 percent of their asking price in November.
Real estate transactions are on the increase and new listings continue to be added to the local market. Listing prices remain low and the Holidays are over. There’s no reason to wait until spring to buy or list your home.
Here’s the most recent home listings just added to the database in the average price range for Midlothian. All homes here are priced at $304,500 or less.