The January 2017 housing market shows continued strength for the coming year. Median Prices and Average Prices are on the rise for both single-family homes and condominium/townhouses. Distressed property sales continue to drag down overall statistics, with a 45% drop in those properties over last year. Excluding distressed properties (short-sales & foreclosures) from the market results in a 9% increase in Single-Family Homes Closed Sales.
Closed Sales for single-family homes priced in the following price ranges increased as follows:
- 9% for homes priced between $200,000 and $249,999
- 6.6% for homes priced between $250,000 and $299,999
- 1.8% for homes priced between $300,000 and $399,999
- 28.2% for homes priced between $400,000 and $499,999
Inventory of single-family homes is still lower than January 2016, with 7.2% fewer available homes overall, with the biggest reduction in homes priced under $200,000. Inventory for single-family homes above $400,000 is higher than last year, by 14-16%. However, new listings for homes price between $200,000 and $250,000 increased by 13.4%.
It is still a Seller’s Market for single-family homes with only 3.8 months of available inventory, representing a 9.5% drop over the same period last year.
The condominium & townhouse market is stronger than last year, due to the large drop in distressed properties. Short-sales declined by 66.7% and foreclosures by 44.2%, with the combination only representing 9.5% of total sales in January 2017. Excluding distressed properties form the Closed Sales figures yields a 14% increase over last year.
The strongest increases in condo sales were in properties selling between $200,000 and $400,000, with double-digit growth:
- 42.5% increase for condos selling between $200,000 and $249,999
- 52.5% increase for condos selling between $250,000 and $299,999
- 20.9% increase for condos selling between $300,000a and $399,999
Although overall inventory for condos and townhomes is 2.9% lower than last year, the number of new listings coming on the market is stronger. Property Inventory for condos and townhomes priced between $200,000 and $600,000 show increases as follows:
- 7% increase for properties priced between $200,000 and $249,999
- 9.8% increase for properties priced between $250,000 and $299,999
- 12.9% increase for properties priced between $300,000a and $399,999
- 13.2% increase for properties priced between $400,000 and $599,999
It’s basically a balance market for condos and townhouses with 6.4 months of available inventory.
Notes: Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, February 22, 2017. Data revised on Monday, January 16, 2017.