How is the market? As a whole, single-family homes, townhouses, and condos, the market has seen supply levels start to increase (new listings) from last year just a bit at 4.3%, but, overall inventory is down 24%. Demand has been steady with Pending and Sold listings up 12.2% but overall Sold down a touch at 3.2%. These factors have contributed to the increase in median and average sales prices at 7.9% and 7.4%. Obliviously as you can see we are in a strong sellers’ market. The average Days on Market Until Sale is at 27 and list to sales price ratio at 99.5% which is really just a sign of the time of year vs a trend. With all this good news for sellers, buyers are on the other side of this coin with important concerns. One of them being affordability currently sits at 99 for the metro areas Housing Affordability Index, which is a good sign as this number is trending in the right direction.
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