February 2018 Single Family Residential (SFR) closed sales were down 6% from January 2018 and from February 2017. The SFR median sales price improved 3.8% to $275,000 while the SFR average closing price jumped to $335,689 for a 8.9% increase from last month. 2018 sales are on the same pace as they were in 2017 at this time. However, there was a noticeable contraction of sales in the lower price ranges even as high rise and luxury closed soared. Cash and Conventional financing dominated the closings while FHA financing lost a lot of ground in this market. That can be attributed to numerous multiple offer situations at the lower price points where only cash buyers and conventional buyers with extra cash can survive the bidding wars. Finally, inventory remains low with approximately 2 months of available SFR inventory. Yet, there is an even wider variation of month of inventory from one community to another.
February Continues a Price Correction Trend!
February saw additional reductions in the number 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 Meanwhile some over priced inventory expired or was withdrawn and not re-listed.
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