A total of 280 contracts have closed in the last 6 months with a median sold price of $127,707. Breaking it down, we notice that the $100K - $150K price range contains the highest number of sold listings. Alternatively, a total of 181 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $50K - $100K price range has the highest number of off-market listings at 49 properties.
Looking at the chart to the below, you might be wondering why is average days on market (DOM) important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for a median time of 109 days.
Analysis of sold properties for the last six months reveals a median sold price of $127,707 and 89 days on market. Notice that properties in the $550K - $600K price range have sold quickest over the last six months. The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $112,500 with a DOM of 114 days.
Since the recent DOM is greater than the median DOM for the last 6 months, it is a negative indicator for demand. It s always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes. The Knox County Ohio housing market experiences a sizable shift relating specifically to the higher priced waterfront homes and that market softens each year as the lake season ends and the colder weather settles in. This is an annual trend.
Market data compiled from the Knox County Board of REALTORS MLS by Sam Miller of REMAX Stars Realty 740-397-7800 KnoxCountyOhio.com