January 2016
The natural ending point that is each December gives way every year to the optimism of January. This is particularly pronounced when the economy is strong and economists across the land are predicting increases in both prices and home sales. Granted, there has been some measured language surrounding the positive thinking. Although we are looking forward to a mostly decent year in real estate, it should be the kind of activity akin to a sure and steady life being lived rather than the jolt of a lottery win, which is just the way we want it.
New Listings were up 9.6 percent to 1,365. Pending Sales increased 6.5 percent to 824. Inventory grew 9.7 percent to 4,962 units.
Prices moved higher as Median Sales Price was up 11.2 percent to $149,900. Days on Market decreased 23.1 percent to 90 days, the twelfth consecutive month of year-over-year declines. Months Supply of Inventory was down 3.7 percent to 5.2 months, the twelfth consecutive month of year-over-year declines.
Other than the change of another month and year, little else is changed in residential real estate both nationally and locally. Unemployment is solidly about the same, housing metric trends are running about the same for now and the sunny outlook is still at about high noon. Same is the sound of 2016, so get curled up and comfy with the song, because we are likely to sing it a lot this year.
Information courtesy of CMLS*
