As the year is now underway, the January sales and listing data has both high points and low points to consider.
The overall number of sales is approximately the same as January of 2015, but down noticeable from activity in December 2015. This is not an uncommon trend in the market, as there seems to be a pattern of buyers and sellers delaying until spring or closer before beginning the process.
In order to compare pricing, the MLS system only takes data in which 20 or more units have transacted in any given area, so as all sectors report less than 20 units sold we have inconclusive information about median prices.
We can take a look at the benchmark prices over the past 3 months to get some indication of the market increases:
- Single family residential – 7.3%
- Attached properties – 10.6%
- Apartments – 4.4%
These figures show that sales values have continued to experience upward pressure in the past 90 days.
One of the most interesting numbers when examining the market conditions is the sales to listing ratio, which is a good indicator of inventory available. In the most recent year the listing inventory has been abnormally low, a trait that often translates into higher prices (supply and demand).
In January the sales to listing ration was the lowest it has been in well over a year. Detached properties were at 59% in January, with December showing there was an 85% chance that a home would sell. Town homes had an 87% chance of selling in December while in January that number was down to 25%. For apartments listed in December the likelihood of a sale was 89%, but in January that number was down to 29%.
So prices continue to move upward and pressure on inventory remains as listings are at an all time low. Once again it is apparent that the market will be ever changing this year.