What Just Happened To The Resale Market?

Available homes ended the month with a total of (304). That’s a welcome decrease; albeit by just (13). Of these, (255) were New Homes; which dropped significantly by (31) to only (224). Unfortunately, the Resales increased by (19), to end the month at (81). A dramatic 31% increase.  Not so good!

RESALES: ​

January results began the year with a solid performance across the board. However, February was more mixed. Although, the averages for both Sales Price and Price Per Square Foot were in harmony with January, the concern is that the number of those that Sold dropped. Not by much though. The concern? It was the huge increase in supply, that in turn, directly affected the Months of Supply; resulting in a 37% increase…in just one month! If this continues upward, or even remains at this level, it will put downward pressure on Prices. As mentioned in the video, homes that age on the market too long, force many Sellers to lower their Sales Price.

NEW HOMES:  ​

For several months, “consistency” had been an apt description of the results for the New Homes. However, that changed a little in February. The Averages for both Sales Price and Price Per Square Foot dropped. Although, not by much, so not a concern today. And, this modest concern was more than offset by the whopping increases of 42% in the number of homes Sold. This was mostly due though, to homes previously under construction being completed, so that they could Close in February. Best news? Was the impressive decrease in the Months of Supply. “Less is more” would be the metaphor!