The Highland Woods neighborhood is definitely dealing with low inventory. Both the average and median home prices went up. The median went up 18.3% and the average went up 15.% The number of closed sales, however, went down 38.9%. Pending sales went down 29.4% while new listings went down 16.7% and homes for sale went down 33.3%. The days on market went down for both the median (by 33.3%) and the average (27.8%). The month supply was already low, but dipped down even further 41.2% to a 1 month supply. A balance market needs 6 months and anything under 4 is considered a seller’s market, which this neighborhood definitely is in!
| Highland Woods Market Comparison | 2017 | 2016 |
|---|---|---|
| Number of Sales | 18 | 11 |
| Median Home Price | $469,000 | $396,500 |
| Average Home Price | $496,591 | $428,744 |
| Average List to Sale Ratio | 98.3% | 98% |
| Average Dollar Per Square Foot | $327 | $272 |
| Median Days on the Market | 58 | 87 |
| Month Supply | 1.0 | 1.7 |
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