Metro Region Housing Report July 2017

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How is the market? As a whole, single-family homes, townhouses, and condos, the market has seen supply levels continue to fall with Inventory of Active listings down over 33%.  Demand has been steady with Pending and Sold listings up 1%. These factors have contributed to the increase in median and average sales prices at 8.5% and 8.6.  Obliviously as you can see we are in a strong sellers’ market.  The average Days on Market Until Sale is at 22 and list to sales price ratio at 100.3%.  Or better said, if you are selling an average home, and priced correctly you should sell your home in less than a month and for more than list price.  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 95 for the metro areas Housing Affordability Index. Although not bad, single-family affordability is down 10%, a trend that can only be helped with new inventory and lowers prices; which does not seem to be coming anytime soon.

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