March followed the trend of the two previous months of the new year where the number of sales and average sale price continued to soar despite a decrease in the number of properties offered for sale. The number of listings presented for sale in March of this year dropped by 7% during the same month in the previous year.
According to information recored on the local Multiple Listing Service (MLS®), the number of sales increased 26% in March 2017 in comparison to one year earlier. Eighty seven sales were reported on the local MLS® in 2016 compared to 110 in 2017. Average sale price jumped from $292,308 to $329,768, an increase of 13%.
The time it takes for properties to sell dropped by half year-over-year. In 2016, the average time on the market was 78 days whereas that number fell to 43 days in March, 2017.
While the number of sales increased 7% compared to a year earlier, the local real estate market is still experiencing an ongoing supply shortage. Those properties offered for sale in today’s marketplace are selling quickly and for more money.
If you’re thinking about selling and want to find out what your home is worth or want to discuss whether to list now or wait until warmer temperatures, get in touch.