All figures reported here are for of single family homes on less than one acre (including condos) for March 2014.
2014 seems to be a continuation of the market conditions of the previous year. Supply demand figures look very close to the figures of last year. However, prices are higher than last year.
March 2014 had sales totaling 384, 4% less than the 399 of March 2013 but the seasonal trend is on track with a 33% increase over February. The dollar volume of sales was $69,903,429, which is 3.1% higher than the dollar volume from last March. Pending sales at the end of March stood at 413 which is down 8.2% over the same month last year.
Prices are going up! Average and median prices are up compared to March last year and over the previous month. This month last year the average price was $169,501, this March the average sales price climbed to $182,040 – up by 7.4%. In March 2013 the median sales price was $157,750, March this year it increased to $163,950 – up 3.9%.
Inventory continues to make a seasonal climb, albeit slower than recent years. The March inventory of 2,270 is the lowest in the fours years on the chart. New listings surged up from February but came in 3.5 less than last March number 831.
The ratio of inventory at 2,270 to monthly sales at 384 give us 5.91 months of inventory. (The figures assume the same rate of sales and no new inventory.) This indicates the market is slightly favoring sellers and also the upward trend in prices. Real estate analysts suggest that 6-9 months of inventory indicate a balanced market. Anything less than six months tends to favor sellers and inventories over 9 months start to give buyers the upper hand.
New construction sales continue to lag 2013 figures, March totals were down 17.2% compared to Marchof 2013, 48 closed sales this March compared to 58 for March 2013.