Real Estate Report presented by Tami McCraw

After dropping five months in a row, month-over-month, the median sales price for single-family, re-sale homes rose in February. It was up 2% from January and 3.8% year-over-year.

That’s eighty-one months in a row the median sales price for homes has been higher than the year before.

The average sales price was up 1.8% from January, and it was up 1.7% year-over-year.

The median sales price for re-sale condominiums was down 3.2% year-over-year. The average price fell 4.9%.

Home sales, meanwhile, were down 6.3% from last February. Condo sales were down 10.6%.

Days on Market, or how long it took from when a home was listed for sale to when it went into escrow, was forty-three last month. The average since January 2001 is fifty-seven days. Condos are selling in forty days, the average is fifty-five days.

The sales price to list price ratio was 98.1%. The ratio for condos was 98.5%. The National Association of REALTORS® considers a ratio of 95% to indicate a balanced market.

Although inventory continues to be abysmal, it has increased, year-over-year, for the past ten months in a row. It is still less than one-half the average since 2001. As of the 10th of March, there were 3,821 homes for sale. We average 8,515!

Condo inventory is at 1,800 units for sale. The average is 3,460.

This is reflected in our Days of Inventory statistic which is seventy-six for homes. The average is one-hundred and forty-four.

There are seventy-five Days of Inventory for condos. The average is one-hundred and thirty-two.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale and what has sold.