February Home Sales Reflect Limited Inventory and High Buyer Demand

Residential real estate sales continue to indicate a year of market strength. Though year-over-year transactions remained static, the spike in price and accompanying decline in average days on the market point to high demand and restricted inventory. Year-over-year, the number of transactions in February varied by only 7 units (6,569 in 2016 and 6,562 in 2017). Contributing to the static sales were limited inventory and also fewer days to record transactions (as last year was a Leap Year, there was an extra day in February’s sales). Typical of the industry’s seasonality, February sales were 1.9 percent higher than January’s (6,440 units). February 2017 volume (the sum of all transactions) exceeded $2.074 billion, rising 3.9 percent from last year’s February volume. On the month, volume rose 2 percent (from $2.033 billion). The rise in volume was magnified exclusively by the strong performance in price, since pace was unchanged. Statewide median sales price for February 2017 was $260,000, 6.1 percent higher than the median price last February ($245,000). Typical of the season, February median price rose from January’s $255,000 (2 percent). Also reflecting buyer motivation, the average number of days on the market declined significantly year-over-year by 9.5 percent, from 84 to 76.

Click here to view the full February 2017 Home Sales Report.

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