With spring right around the corner, the Midlothian real estate market is still as strong as ever. Compared to average numbers from last year, there have been a few changes and even some improvements overall. Sellers continue to be delighted by the average list to sale time of 44 days. There have been several other changes to Midlothian real estate market data this month, so let’s dive in and look at what has changed.
A Look at Housing Stats
Let’s look at some of the more prominent statistics from the Midlothian real estate market. There was an overall decrease of units sold last month in Midlothian, with 101 being sold last month as opposed to 105 in the month prior to that. This marks a 4 percent decrease. As far as active inventory is concerned, the number of homes available this month is lower compared to last year’s numbers. However, this month’s total of 337 homes available is higher than last month’s total of 335, marking a 1 percent increase.
What Does this Data Mean?
Median sale price is up this month to $292,000, as opposed to $272,000 this time last year. This marks a 7 percent increase. As far as new home listings are concerned, this month there were 202 homes listed for sale as opposed to 267 in February of last year. This marks a 15 percent decrease. Last month, there was 3.3 months of supply available in Midlothian, compared to 3.8 in February 2017. That is a decrease of 12 percent versus a year ago.
Note: months of supply is calculated by dividing current inventory by current sales. Sale price to list ratio has mostly stayed stable since last year, with a decrease of only 0.6 percent. Finally, this month, the average number of days on the market was 44. Last year’s number was an average of 46 days, marking a decrease of 4 percent.
What does this mean if you’re buying a Midlothian home?
If you’re buying a home in Midlothian, it’s important to know what these statistics mean to you regarding your real estate pursuit. Market statistics clearly show new home listings, active inventory, and median sale price have all significantly decreased. In summary, this means that prospective buyers need to act quickly to snag the best deal with the limited supply available of homes on the market.
What does this mean if you’re selling a Midlothian home?
Sellers in Midlothian need to monitor and understand market data to maximize profit. A decrease in new home listings and active inventory means that there is much less competition when selling your home. Median sale price is currently trending downward, meaning that it’s a good idea to list your home now to maximize profits before prices trend even farther downward. In summary, Midlothian real estate market data clearly shows that now is the time to act if you are looking to sell a home while maximizing profit and minimizing competition.