Market Conditions for Three Lakes - March 2020 | Shorewest Realtors®
March 2020

Market Conditions for Three Lakes

Median Sale Price Graph

Median Sale Price

The median sale price for homes in March was $143,500. The median sales price for homes in March fell by ($176,500) compared to last month. This represents a 55.15% decrease from January. Compared to the same month last year, the median price of homes fell by ($31,500) representing a -18% year-over-year change.

The median sales price is the middle value of all sales occurring in the market during the past thirty days when you arrange these sales prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of a few unusually low or high sales prices.

Homes for Sale Graph

Homes for Sale

The inventory of homes for sale rose by 2 in March to 158. This represents 1.28% increase from January when 156 homes were on the market. Compared to the same month last year when there were 203 homes for sale, the inventory of homes for sale has fallen by 45 representing a -22.16% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

Homes Sold Graph

Homes Sold

The 6 homes sold in March was 3 more than in January. This represents a 100% increase in sales from January. Compared to the same month last year, the number of homes sold increased by 3, a 100% year-over-year increase.

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

Average Days on Market Graph

Avg Days on Market

The average days on market for a home sold in March (187) did not change Compared to the same month last year, the days on market for homes sold decreased by 97, a -34.15% year-over-year change.

Average Days on Market is the time period between the date when a home is listed for sale in an MLS system and the date it is sold.

Sale/List Price Ratio

Sale/List Price Ratio

The Sale/List Price Ratio of 86.08% in March fell by 8.15% compared to January and decreased 4.72% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

New Homes Graph

New Homes

The number of homes listed in March (21) rose by 18 compared to January, a 600% change. Compared to March 2019, the number of new listings increased by 15, a 250% year-over-year change.

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

Median List Price Graph

Median List Price

The median list price in March was $151,900. The median list price for homes in March fell by ($198,100) compared to last month. This represents a 56.6% decrease from January. Compared to the same month last year, the median list price of homes decreased ($15,550) representing a -9.28% year-over-year decrease.

The median list price is the middle value of all currently active listings as reported in the MLS systems in the market area when you arrange these list prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of the existence of a few unusually low or high list prices.