2018 YEAR TOTAL Outlook Residential Market Update

Here is a comprehensive breakdown of your year in Real Estate for the Outlook Residential Market

27 Sold Properties - list prices: $35,000 - $439,900
47 New Listings (has not been previously listed in the past year): $35,000 - $414,700

Sales grossed a combined total this past year in real estate for outlook $5,032,400.00 which includes vacant lots and condos.

Average sale price was $186,385.19

Average list price from these sales were $197,558.78    (5334087)

= $11,200.59 price difference (On average in 2018 a seller accepts approximately %5.6 lower than their asking price or accepts %94.4 of thier asking price)

When comparing our data from last year the number of sales were down slightly by 2 sales. On a more major note our gross sales were down $1,260,387 which even with our reduced number of sales the average sale price of a home was reduced.  In 2017 the average sale price was $215,440.93 and this year it was $186,385.19.  This is a $29,055.74 difference which would indicate a large reduction in our market value as a town.  This could be due to a number of factors being simply as a lack of average priced homes in our market for consumers, a reduction in larger priced home sales, an increase in smaller home sales and due to changes in the overal market locally and nationally.  We also saw the seller negotiate slightly more off their asking price.  

Looking further we have an increase of new listings of 47 for 2018 over 36 for 2017.  An oversupply of houses to our market can drive prices down.  If there are not enough buyers and too many listings then sellers will have to compete harder with their list price to get their property sold which can cause a reduction in our market value and average sale price.

For more insight into our market conditions please call or message me at 306-867-6768.

This data and information is gathered by Michelle Nadeau using MLS® and only includes properties listed on MLS®. The information is not guaranteed to be correct.


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