Market Overview
January 2018 Single Family Residential (SFR) closed sales were down 14% from December 2017, but up 5% from January 2017. The SFR median sales price dipped 1% to $265,000 while the SFR average closing price was $308,264 for a 2.3% drop from last month. We are only one month into 2018 but already 5% ahead of 2017 at this time. Some of the price drops were due to an increase in cash transactions. Finally, inventory remains low with approximately 2 months of available SFR inventory. Yet, there is a wider variation of month of inventory from one community to another.
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January Enjoyed a Much Needed Price Correction!
January saw a reduction of over 10% in the amount of over priced homes. Several factors are responsible for this. We saw some of the older inventory sell while newer listings have been priced closer to market values. Meanwhile some over priced inventory expired or was withdrawn and not re-listed.
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