April 2017 Market Reports
The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
New Listings were down 10.1 percent to 559. Pending Sales increased 4.0 percent to 444. Inventory shrank 7.2 percent to 2,338 units. Prices moved higher as Median Sales Price was up 5.4 percent to $305,000. Days on Market held steady at 143. Months Supply of Inventory was down 10.0 percent to 6.3 months, indicating that demand increased relative to supply.
Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.
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