March 2014, Metrolist, Month-end Statistics Overview
"As we move further into the first quarter, we're seeing good stability of available inventory across the residential market. The total Inventory remains tight, unchanged from February, and up roughly 21% from March of 2013. This stability is welcome but it signals a continuation of our challenging market. Buyers and Sellers considering a move have been frustrated by the lack of available inventory.
"Sales of residential properties were, up 31% for March 2014, with an average price of $310,992, up 5% over February." Under contracts also showed strong gains rising by 34% month over month.
While the number of solds for March showed strong increases month over month, they were down 13% from March of 2013. The selling season shows signs of an early but stable start overall.
The measurement of new listings for March rose considerably, up 38% but the year to date number of new listings is up about 2% from 2013 at this time. The market absorption rate highlights a high level of demand for properties and a reduction in "days on market". With the days on market number down by 20% from last year at this time, we are maintaining a supply of 7-8 weeks. March sold properties showed strong increases and we hope to see the amount of available inventory rise as buyers and sellers that waited for spring bring new listings. We continue to see tight inventories and expect an increase in average price across the market."
"As expected, the 'days on market' measurement has decreased overall to an average of 47 days for March, an 8% drop from February numbers and a 20% drop over March of 2013.
Listings "Under contract" continue to show significant increases month over month. The market is moving quickly but an increasing inflow of new listings is a positive sign for the market.