Clay County Market Update: Median Price Drops 5.5%—What It Means for Buyers & Sellers

What is noticeable for November, is that the median sales price in Clay County went down by almost 5 1/2% compared to last year in November. I know that makes sellers cry, and buyers jump for joy. You know no matter what the market is there’s never really a bad market overall, for the most part, it’s just better for certain types of people, buyers or sellers. That means for sellers, your house will need to be show room ready, and priced competitively if you want to stand out. Buyers this means you have more homes to choose from, better terms, and while prices are not crashing, they are not rising at a rate of insanity.

There was less homes that sold this year and even though the inventory level is a little bit lower, it caused our months inventory to rise and be balanced, and maybe leaning slightly towards a buyers market.

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Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 359,000 and the other half were less than 359,000.

Month’s Inventory: Based on the number of actives and homes that have sold it would take 5.64months to sell the active homes, if no other homes came on the market. How to determine what type of market we are experiencing:

Buyers’ Market: More than 7 months of Inventory

Balanced Market: From 5-7 months of Inventory

Sellers’ Market: Less than 5 months of inventory

Average Days on the Market: This is the average based on the time the house came on the market until is went under contract.

Original List Price to Sales Price: This is the percentage of what the home sold for compared to what it was originally listed for. Not what it was listed for at the time it went under contract.