(Here’s a quick link to new Wheaton listings. For the full market update, read below.)
The Wheaton market has seen a steady increase of prices over the past three years, with a spike in early 2015 that leveled out, but then continued to rise in 2016. By median sales price with each data point representing a rolling 12-month period, here’s what the market looks like as a whole (this chart and every chart you see here is live and always updated):
Months of Inventory – this number tells us how many months it would take to sell out of the current inventory on the market. Typically having six months of inventory means the market is balanced and there is just enough inventory, and buyers for that inventory, to keep the market moving without favoring one side or the other. If that number goes above six, then with extra inventory on the market buyers can act with more confidence and be more choosy, so above six months of inventory means it’s a buyer’s market. If the months of inventory go below six, then it starts shifting over to a seller’s market because there are more than enough buyers, but not as many houses on the market.
Here’s what the inventory currently looks like for Wheaton:
This chart includes a breakdown of inventory by price range:
If you’d like to see the months of inventory for more specific markets, click on the links below for an interactive chart:
Another important number to look at when evaluating the market is market time. This is simply an average of the amount of days a listing spent on the market before taking a contract. This chart below is for the average days on market in Wheaton:
Here is the average days on market broken down by price range:
If you are looking for numbers that you don’t see here, don’t hesitate to contact me and I’d be happy to share any insights regarding your local market.