We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and sub market in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed. New Listings were up 1.0 percent for Single Family homes and 2.8 percent for Townhouse-Condo properties. Pending Sales increased 20.3 percent for Single Family homes and 10.2 percent for Townhouse-Condo properties. The Median Sales Price was up 6.3 percent to $643,000 for Single Family homes and 3.1 percent to $400,000 for Townhouse-Condo properties. Months Supply of Inventory decreased 24.2 percent for Single Family units and 21.4 percent for Townhouse-Condo units.
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high. – PWR