Market Statistics – February 2017

 

February 2017

Prior Year

Current Year

+/-

Average Sales Price

$165,524

$165,102

-0.3%

Median Sales Price

143,000

160,600

+12.3%

Inventory of Homes for Sale

1,398

1,219

-12.8%

Days on Market

202

167

-17.3%

Closed Sales

135

152

+12.6%

 

The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market. Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand definitely remained strong this month.

 

New Listings were down 9.5 percent to 219. Pending Sales increased 18.4 percent to 174. Inventory shrank 12.8 percent to 1,219 units. Prices moved higher as Median Sales Price was up 12.3 percent to $160,600. Days on Market decreased 17.3 percent to 167 days. Months Supply of Inventory was down 16.3 percent to 6.7 months, indicating that demand increased relative to supply.

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