| Last year at this time there were; | This year at this time there are; |
| 378 single family homes for sale | 490 single family homes for sale |
| 173 homes in contract | 140 homes in contract |
| 251 homes sold since Jan 1 | 180 homes sold since Jan 1 |
| and 5 months of inventory | and 10 months of inventory |
Because there is more supply and less demand - 30% more homes for sale and 19% fewer homes in contract and 28% fewer sold this year – it should be more of a buyers market this year than last year.
And last year at this time there was a very lean 5 months of inventory, i.e., a 5 month supply of homes for sale, whereas this year the supply has doubled to 10 months, which, in theory, puts us way deep into a buyers market. Which, with more to choose from and less competition, should lead to lower prices. Would you settle for 2 out of 3.
Because with all of those pressures to drive prices DOWN, they’re still UP.
| Last year - Average/median sold & $/sf | This year - Average/median sold & $/sf |
| $467,835/$381,000 @ $161/sf | $497,627/$409,000 @ $174/sf |
So sold prices are UP 6.4% avg/7.3% med. and 8%/sf. How can that be?
With supply UP and demand DOWN, why would prices rise.
Fewer distress this year, maybe? Yep, that must be it.
Of the 251 sold last year 44 were distress sales (31 Reo’s 13 short sales)
Of the 180 sold this year 17 were distress sales (15 Reo’s, 2 short sales)
Bingo!– 61% fewer.
Distress sales sell for cheap and they drag down overall sold price numbers. And with 61% fewer distress sales this year, and less drag on sold prices, it makes sense that sold prices are UP.
So for an apples to apples comparison let’s eliminate the distress sales – doing so we end up with 207 normal sales last year and 163 this year.
And the sold prices;
| Last year - Average/median sold & $/sf | This year - Average/median sold & $/sf |
| $488,934/$398,850 @ $168/sf | $513,584/$415,000 @ $177/sf |
less than when distress sales are included, but they’re still UP - 5% avg/4% med and 5%/sf.
Go figure!
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