January 2016 is a Seller's market!
The number of for sale listings was down 17.2% from one year earlier and down 2.9% from the previous month. The number of sold listings increased 25.3% year over year and decreased 25% month over month. The number of under contract listings was up 24% compared to the previous month and up 15% compared to the previous year. The Months of Inventory based on Closed Sales is 2, down 35.5% from the previous year.
The Average Sold Price per Square Footage was the same as compared to the previous month and up 7.7% compared to last year. The Median Sold Price increased by 2.1% from last month. The Average Sold Price also increased by 1.3% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".
The Average Days on Market showed a upward trend, a decrease of 11.5% compared to the previous year. The ratio of Sold Price vs. Original List Price is 97%, an increase of 1% compared to the previous year.
Property Sales (Sold)
January property sales were 476, up 25.3% from 380 in January of 2015 and 25% lower than the 635 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of homes available this month is lower by 203 units of 17.2%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 2.9% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 24% in the pended properties in January, with 589 properties versus 475 last month. This month's pended property sales were 15% higher than at this time last year. All reports are published February 2016, based on data available at the end of January 2016, except for the today stats.
All reports presented are based on data supplied by the MetroList MLS. The MetroList MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the MetroList MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
