While February sales actually dropped 8% from last year, it was mainly because there is so very little for sale at the moment, with only 1,337 homes for sale. The average price set a new record at $301,385 up 11.5%. At this point, there just over 1/2 of the homes available for sale as there were 2 years ago.
Homes sales are undoubtedly now being held back by lack of inventory. With prices o to such a strong start, look for the inventory to improve as Spring approaches. Also look for new construction, much of which is not re ected in these gures, to help bridge the gap. Predictably, homes that sold, did so very quickly. The median days on market in February for closed sales was the incredibly low 12 days. That mean 1/2 of the closings were under contract in less than 2 weeks.
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