Posted On: April 10th, 2017 6:12PM
Well, the trend of dropping inventory continues. Over the first 4 months of this year the average monthly inventory is only 49 homes. Despite this, there is an average of 57 homes selling each of the first 3 months. How can you sell more homes than are available. Well, I take the average inventory from looking at active listings on the first of each month (active only, not pending). More homes are coming on the market each day, but more are going pending as well. The sold homes are ACTUAL solds, not pendings. So in most cases, those solds went pending the month prior.
Here’s the quick numbers with a comparison to 2016
Total Sales: 172, up 14% over the first quarter of last year
Average price: $470,900, up 9.2%
Average p/sqft: $240.69, up 9.5%