Your monthly update on the Westwood real estate market – October 2018, compared with the previous month and the same period in 2017.
The number of single homes sold in October compared with the same month in 2017 increased slightly. Condo sales increased slightly. Compared with last month, single family home sales were about the same but condo sales increased by 11.
Inventory for single family homes was comparable to 2017 with an increase of 24 in the condo market. Single family home inventory increased by 5 and condos by 4 over last month.
The median price for single family homes dropped 26.2% over 2017 and 5.1% for condos. Compared with last month homes dropped 18.78% and condos increased 10.76%.
The average price of single family homes sold compared with the list price dropped slightly, the same applies to condos. Compared with last month the average for homes rose slightly and dropped slightly for condos. This indicates that, overall homes were priced reasonably well.
Less than 5 months = sellers’ market | 5 to 7 months = stable market | Over 7 months = buyers’ market
The inventory for single family homes has moved that market to slightly favor buyers from a stable market last year. Condos moved from a sellers’ to a stable market.
Indications are that the Westwood real estate market is stabilizing and becoming more balanced. Inventory is loosening up a little, prices are flattening.
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