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MIBOR REPORT
April 2017
The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
Closed Sales were up 1.5 percent in April compared to April 2016. For the three months ending in April Closed Sales rose 7.7 percent in relation to the same three months of 2016. Pending Sales increased 4.6 percent in April and 4.7 for the quarter ending in April. Months of Inventory fell in the April to April comparison to three months.
Median Sales Price was up 6.7 percent to $160,000. Average Sales Price rose 5.6 percent in the year to year comparison of April activity.
Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is a good problem to have, it can create an affordability issue for some buyers, especially rst-time buyers. We are optimistic that the continued increase of activity will signal a growing con dence among sellers to take note and list their properties.
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Market Overview
Key market metrics for the current month as well as for rolling segments in which the given value represents 3, 6 or 12 months of activity.
Feb 2017 Pending Sales Mar 2017 Apr 2017
Rolling 12 Months
Current Prior Year + / –
32,541 30,982 32,702 31,425 32,850 31,592
+ 5.0% + 4.1% + 4.0%
Rolling 6 Months
Current Prior Year + / –
13,817 13,740 14,405 14,170 15,402 14,935
+ 0.6% + 1.7% + 3.1%
7,585 10,013 11,630
7,673 - 1.1% 10,048 - 0.3% 12,043 - 3.4%
Rolling 3 Months
Current Prior Year + / –
Monthly
Current Prior Year + / –
Feb 2017 New Listings Mar 2017 Apr 2017
43,420 43,022 43,382 43,377 43,033 43,199
+ 0.9% + 0.0% - 0.4%
17,182 17,069 17,877 18,007 18,838 19,164
+ 0.7% - 0.7% - 1.7%
3,120 3,146 4,312 4,350 4,198 4,547
- 0.8% - 0.9% - 7.7%
6,612 6,425 7,982 7,604 9,216 8,802
+ 2.9% + 5.0% + 4.7%
2,550 2,445 3,283 3,122 3,383 3,235
+ 4.3% + 5.2% + 4.6%
Feb 2017 Closed Sales Mar 2017 Apr 2017
35,509 32,495 36,055 32,720 36,100 33,058
+ 9.3% + 10.2% + 9.2%
15,244 13,984 15,254 13,857 15,527 14,257
+ 9.0% + 10.1% + 8.9%
6,555 6,368 6,996 6,374 8,307 7,716
+ 2.9% + 9.8% + 7.7%
1,984 1,984 3,206 2,660 3,117 3,072
0.0% + 20.5% + 1.5%
Feb 2017 Median Sales Price Mar 2017 Apr 2017
Feb 2017 Average Sales Price Mar 2017 Apr 2017
Pct. of Original List Price Received at Sale
Feb 2017 Mar 2017 Apr 2017
$155,000 $155,000 $156,220
$148,000 $148,263 $148,500
+ 4.7% + 4.5% + 5.2%
$191,596 $192,091 $192,967
$184,076 $184,508 $184,659
+ 4.1% + 4.1% + 4.5%
$153,500 $152,900 $154,950
$142,000 $142,500 $145,000
+ 8.1% + 7.3% + 6.9%
$191,055 $189,272 $190,856
$178,550 $178,668 $180,313
+ 7.0% + 5.9% + 5.8%
$150,000 $152,000 $157,000
$139,900 $142,000 $146,500
+ 7.2% + 7.0% + 7.2%
$189,191 $187,137 $191,077
$176,205 $175,620 $180,050
+ 7.4% + 6.6% + 6.1%
93.7% 92.9% 94.2% 93.3% 95.0% 94.0%
+ 0.9% + 1.0% + 1.1%
$152,000 $156,000 $160,000
$135,000 $148,750 $150,000
+ 12.6% + 4.9% + 6.7%
$187,893 $189,237 $194,993
$170,125 $182,023 $184,732
+ 10.4% + 4.0% + 5.6%
94.9% 93.8% 94.9% 93.9% 95.0% 94.0%
+ 1.2% + 1.1% + 1.1%
94.2% 93.2% 94.2% 93.2% 94.5% 93.5%
+ 1.1% + 1.1% + 1.1%
94.0% 92.9% 94.8% 93.9% 95.7% 94.8%
+ 1.2% + 1.0% + 0.9%
Feb 2017 Available at Month End Mar 2017 Apr 2017
Total Active Listings
There are no rolling figures for Total Active Listings Available at Month End or Absorption Rate because these metrics are simply snapshots frozen in time at the end of each month. It does not add up over a period of months.
8,489 10,255 8,746 10,490 8,888 10,809
- 17.2% - 16.6% - 17.8%
Months Supply of
Inventory / Absorption Mar 2017
Rate
Apr 2017
Feb 2017
2.9 3.8 2.9 3.8 3.0 3.9
- 23.7% - 23.7% - 23.1%
Data obtained from the Broker Listing Cooperative® (BLC®). Report format © 2017 ShowingTime. | 2