The average Days on Market (DOM) shows how many days the average property is listed before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market and the reverse favors sellers. While the year ended with an upward trend the short length of time on the market favors West Chester sellers.
Next thing to review is average list prices versus sold prices. The following charts don’t calculate price reductions or factor the effect of many homes that have been on the market for a very long time and still remain unsold. As the number of homes for sale decreased at the end of the year the list price versus sale price ratio improved.
The Average Sale Price at the end of the year was slightly lower than the previous Decembers (green line). Lack of inventory for sale and a slight bump in mortgage interest rates may have played some part in the dip.
The chart below combines monthly inventory of single family homes for sale along with new listings and sales. New listings in December slumped from when compared to the previous year.
A quick snapshot of single family home sales in West Chester Ohio for 2016: