Median sales price increased from $215,875 in 01/2006 to $227,000 in 02/2006. The average sale price was $273,690 in 01/2006 and increased to $274,948 in 02/2006. Fewer homes over $500,000 sold while only 11 homes sold for over $1,000,000. This fact probably caused the median price to increase while the average sales price stayed just about the same with just a small increase.
Total listings under contract on 01/2006 was 1672 while 02/2006 saw an increase to 1796. The number of active listings on 02/2006 was 7174 which was an increase from the 6499 on 01/2006. The inventory is going up and I believe the “holiday adjustment†has disappeared. I see the inventory increasing with a lesser demand for the next three to four months. Don’t forget that February is a short month.
The average days on market increased by only one day to 45 days but I really expect a jump to around 50 days for 03/2006. The increase in listings will cause this to happen.
As I watch the listings that I am researching I am noticing more and more price decreases. The decreases may be just coming back in line with what they really should be. IT IS HAPPENING!!! I will look at this closer for my next update.
Interest rates are moving up slowly so you should take action to buy or sell very soon!