Summary
With YTD sales up 6%, there’s no shortage of demand, but the lack of inventory is gaining the upper-hand and will restrict future sales heading into the spring market. That increase in closed sales is amazing, considering inventory levels are down 61% and they continue to decline each month. Buyer competition will continue to lift prices. YTD average price and price per square foot are both up 14%—much of that is due to fewer entry and middle-priced sales and more upper-end sales. The amount of increase is about 10% for under-$250k homes and only 4% for over-$500k properties. Both sellers and buyers who want to move this year should get an early start.
