Page 24 - Sites_March 16

24
MIBOR REPORT
Continued Growth and Activity in 2016
After experiencing steady growth in housing prices and sales activity throughout 2015, indications point toward continued growth and activity as we move into 2016. Mild weather in December led to an increase in pending sales, which came to fruition this month with an 8.2 percent increase in closed sales for the month compared to this time last year.
Pending sales also increased for January, by 12.3 percent when compared to January 2015.
The key indicator of New Listings shows a decrease of 8.7 percent when compared to January 2015, and a slight increase of 0.4 percent
in the three-month comparison. Low inventory continues to be a factor that will bene t sellers in the coming months.
Much like we saw throughout 2015, Median and Average Sales Price increased in January. The Median Sales Price increased 8.1 percent compared to January 2015, to $137,500. The Average Sales Price of $172,016 was an increase of 3.6 percent compared to one year ago.
Housing experts suggest that pent-up demand and sustained job growth will lead to a modest increase in home sales for 2016.