Midlothian’s real estate market is making it tough for buyers as we move into the warmer months. However, the number of homes sold this month increased 10 percent when compared to homes sold last month, proving that buyers are not daunted by the decrease in new listings.
A Look at this Month’s Housing Stats
As we moved into May, we saw the median sale price for homes in Midlothian come in at $293,000. This amount shows an 8 percent increase over the median sale price of $270,500 from this time last year. May began with 386 active listings. This number is down 22 percent from the 495 active listings we saw in April of 2017. The number of new listings to hit the market in April was 282, which is down 15 percent from last year. Still, the 178 homes sold in April brings an increase of 10 percent from the 162 sold in March.
What Does this Data Indicate?
Median home prices dropped 2 percent in April, and we saw the number of new listings to come on the market also decrease. With a decrease in the amount of inventory, one would expect the median sale price to increase, but this isn’t proving to be the case for the real estate market in Midlothian. The number of pending sales dropped by 7 percent from March to April, and numbers show a 15 percent decrease from this time last year.
What does this mean for you as a Midlothian home buyer?
There’s currently a 2.2 months supply of inventory available to Midlothian buyers. In April of last year, the market was showing 2.9 months of inventory. This is a drop of 25 percent year over year. For home buyers in the area, this means that you’re going to have competition when searching for a home that meets your needs. Be prepared to place an appealing offer that catches the sellers attention. How else can you get an edge? Sign up to be notified as soon as new listings hit the market. The new listings come straight to your e-mail inbox, allowing you to check them out before others in the area.
What does this mean to you as a Midlothian home seller?
Midlothian home sellers are currently receiving an average of 99.3 percent of their listing price. This is 1.4 percent less than this time last year. We’re also seeing a slight increase in days on the market when we compare this year to last. This year, the average is 36 days on the market. Last year, we were seeing 32 average days. Though we are seeing a decrease year over year, the number of days on the market is still quite impressive. Be sure to use the home value calculator and then follow up with us when considering your home value to set the asking price. Setting the right price is critical to a successful home seller experience.