Less homes for sale - prices on the rise.
There were 1,419 available listings at the end of February 2016, which is a new 6-month low dating back to 2015. The number of available listings has decreased each month since August, which posted an available listings mark of 2,164. Typically, in our market the number of available listings decline in the fall and winter months before an increase over the spring months and peak in summer months.
The 6-month trend of sold properties has fluctuated more than the total number of available listings. There were 351 sold properties for February; a 9.5% decrease from January. The low number of sales is largely attributed to the inventory shortage that we have been experiencing for many months.
February recorded a median sales price of $290,000, matching the median sales price for December 2015. The median sales price for February was very close to matching the $292,000 of November 2015, which is currently a record-high. The median sales price has not dipped below the $200,000 mark since March 2013, and the market has trended above the $270,000 mark since March 2015.
The 6-month trend for the average days on market shows an inverse of the trends for available listings and median price. February 2016 witnessed a mark of 118 days on market, a significant increase over the 104 days on market set in January. This is still less than the 141 days on market from November 2010.