Market Update March 2016
In the last month active listings for sale in the MLS are up 3% and 9.8% since the first of January. There are just over 23,000 homes for sale now but the buyers appetite for ownership still remains good as inventory that is added is snapped up. There are currently 13,000 pending sales which is quite robust! The inventory absorption rate remained the same at 3.9 months which is still a seller's market.
The Luxury Home segment over $1 Million remained steady but has a glut of inventory with 2,173 homes listed for sale and 21.87 months of inventory. Despite these numbers luxury homes are selling. They just take time to do so as the buyer pool is much smaller and taste in style are very particular.
Under $250,000 remains VERY strong accounting for almost 50% of the homes sold the past month. Homes are selling quickly with multiple offers with just 2.33 months of inventory.
To find out what your home is worth in this market please contact us today.