August 2017 Shawnee market update
August tends to mark the waning of our housing market activity coinciding with the beginning of the school year in Shawnee. Teachers in Shawnee I-93 Public Schools started August 14 and the first day for students was August 17. Not all buyers and sellers have children, but there are enough parents who do not want to uproot their children during the school year to create a natural market cool down before any drastic temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
Compared to August last year, new listings of single family homes in Shawnee increased from 68 to 73, or 7.4%; pending sales increased from 50 to 55, or 10%; and inventory of available listings increased from 173 to 204, or 17.9%.
The average sales price for single family homes in Shawnee decreased 13.9% to $142,437; days on market decreased 6.5% to an average of 58 days for single family homes; and months supply of inventory increased 9.1% to 4.8 months.
Looking at the first 8 months of 2017, Shawnee experienced a 1.5% increase in the number of closed sales of single family homes to 342 and a slight increase of 2.4% in average sales price to $138,581.
As expected, the prevailing trends lasted through summer, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
For a historical visualization of Shawnee housing market trends, visit the Shawnee Market Stats page of SoldonShawnee.com.
Call/text/email me for more specific information about your particular property or other market statistics questions. The data used in this blog post is from a research tool provided by MLSOK.