MIBOR released sales figures for the month of March, and the numbers confirmed what everyone has been hearing around the water cooler. Sales are surging while inventory shrinks. Closed sales numbered 3206; up 21% over March 2016.
This pushed closed sales for the most recent twelve months up 11% over the previous period. Meanwhile, listings were down 1% from last March and for the most recent twelve months were flat. Put the two together and inventory is down 17% from a year ago. And with more buyers now competing for the available homes, inventory per buyer is down 24% from a year ago. As anyone currently buying or selling can tell you, that’s a lot. This combination of market forces has pushed the median sales price up 5%, to $156,000. Long, long gone are the days when list prices were getting negotiated down 10 or 15%. Deals are now settling at an average 5% discount from initial list price.
Looking for someone to help you make the most of this red hot market— call me, “I work harder to make good things happen!” -Bob