March 2016 brought us some significant housing market news, with new records set across multiple categories in our active and sold inventory.
There were 1,543 available listings at the end of March 2016, which is an all-time record-low. Our market has hovered just above the 1,500 active listing mark since December 2015, which set the previous record number of 1,547. As buyers outpace sellers, the need for new construction will become increasingly necessary.
The 6-month trend of sold properties has fluctuated more than the total number of available listings. There were 559 sold properties for March; an astounding 52.7 percent increase from February. The drastic increase in sold properties is one of the largest monthly increases in recent memory.
March set an all-time high for median sales price with $296,000, adding to the historic month. March 2016 eclipsed the previous record of $292,000 set in November 2015. While the median sales prices changes a bit from month-to-month, our market has trended upwards since January 2012, which set a record-low of $135,000. This is yet another encouraging sign of the times for our market in relation to property value.
March recorded an average of 93 days on market, which was a 19 percent decrease compared to February. While the average for days on market routinely fluctuates throughout the year, the market has stayed around the 100 day mark since about mid-2013.
All the ups and downs when buying or selling a home can be a challenge to understand. Having a market expert on your side is an invaluable asset. We can provide you with up to the minute information about local prices and trends to help you negotiate the best deal. Give us a call at 775-453-0209.