Monthly Sales were 73 units.
Comparison to last month: Increased 3% from 71 units. Comparison to this month last year: Decreased 23% from 95 Units.
Average Sold Price was $191,494.
Comparison to last month: Decreased 13% from $220,408. Comparison to this month last year: Decreased 3% from $197,059.
Current Inventory is 8.98 months.
Comparison to last month: Decreased from 9.33 months. Comparison to this month last year: Increased from 6.65 months.
Average Days on Market were 102.
Comparison to last month: Increased from 92 days. Comparison to this month last year: Increased from 90 days.
So what do all these numbers mean?
Before you start worrying about the declines, let me remind you that last year at this time we were in a medicated market. Remember, the government was giving incentives for first time homebuyers and long term homeowners.
In February, sellers got 97.95% of their asking price. This tells me that the buyers are still in the driver’s seat. With so much to choose from, 9 months of inventory, Sellers must price aggressively and have their homes beauty pageant ready. If ever you thought of buying a home or buying investment property, NOW is the time. Interest rates are expected to rise and it looks like sales prices will continue to rise as well.