We call this Front Lines because we are sharing with you what is happening on the Front Lines in the local real estate market. Unlike the newspapers and the mass media that share historical information that is 90-180 days old or information from some other state, Front Lines is all about what is happening this month, this week and today in out LOCAL market. This what we are seeing and what sellers and buyers in todays market are experiencing. You can see the actual numbers in the stats section and go to Out on a Limb to hear where we think the market is going! We update this monthly so bookmark this page to check back on regularly.
The warmer weather we had in January has gotten people out in the market and the lower pricing points are seeing good activity. Not so much for the higher priced homes. We started the year with Inventory up, as far as the townhome sector, with 42 active listings in January, up from 27 last January and up from 31 in December. Then in February, we see inventory drop to 20, down from 31 in February of 2016. The number of sales remained the same as last year in January, with 36 townhomes coming under contract, but in February it jumped significantly to 58, up from 41 in February of 2016. Sales of single-family homes jumped by over 10% from 16 sales in January of 2016 to 18 in January of 2017. It gave back though in February, with only 27 sales compared to 31 in 2016. Single Family inventory is down year over year from 64 in January of 2016 to 57 in 2017. With 82 active in February, we are just a tad below the 84 in February of 2016. One thing that is interesting to note is that there is an absorption rate of 30 days for single family homes priced under $500,000 and an absorption rate of just over 30 days for single family homes priced between $500,000 & $700,000. There is an18 month absorption rate for homes priced over $700,000! That is huge! Now that being said, that reflects some new home activity, although I do try and filter that out. That does show where the builders are sitting and the impact that they have on the resale market. Townhome sales reflect an absorption rate of just two weeks or less in all categories. (These numbers are based upon January-February sales figures.) Rates are pretty solidly entrenched at over 4% and that has had little effect on the market that I can see.