Year-over-year sales show some strong appreciation trends. I only posted the top 15 cities. Since we are in the beginning of our sale season, I am anxious to see how quickly our inventory will get eaten up. We are showing higher numbers of inventory overall, but I am not feeling it in our towns.
This is what the Cromford Report has to say about Mid-Month pricing:
For the monthly period ending February 15, we are currently recording a sales $/SF of $313.12 averaged for all areas and types across the ARMLS database. This is up 1.1% from the $305.06 we now measure for January 15. Our forecast range mid-point was $308.36. We correctly forecast a rise, but the size of the increase was significantly larger than we anticipated – towards the top end of our 90% confidence interval.
The last 7 months have been extremely volatile for price per sq. ft. – up nearly 5% one month and down 3% next. The median sales prices have been much more stable since the high-end of the market has little to no effect on medians. The monthly median sales price has barely changed from $450,000 since mid October. Prices for the bulk of the market are flat, but in the high-end luxury market sales volumes are much higher than normal. This pushes the average price and the average per square foot much higher, even though the median sales price is virtually unchanged.
On February 15 the pending listings for all areas & types show an average list $/SF of $334.18, down 3.0% from the reading for January 15. This suggests that closed prices will decline between now and mid-March as the regular market closings take a more significant share. Among those pending listings we have 98.4% normal, 0.5% in REOs and 1.1% in pre-foreclosures (including a very small number of short sales). The level of foreclosure activity is similar to last month and it remains low by long-term standards.
Looking to buy or sell? Be sure to call The MOHR Group! 480-204-2619 Ryan, 303-549-8224, Kendal and 602-980-7653 Janet
