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Inventory, Days on Market, and New Listings Decline in April
16 May 2017 -

The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process.

When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

New Listings decreased 7.5 percent to 15,364. Pending Sales were up 3.8 percent to 12,331. Inventory levels shrank 15.8 percent to 35,749 units.

Prices continued to gain traction. The Median Sales Price increased 7.0 percent to $200,000. Days on Market was down 15.7 percent to 59 days. Sellers were encouraged as Months Supply of Inventory was down 23.9 percent to 3.5 months.

Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.

Click here to view the full report for April. 

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