The difference in weather between last year, when the cold, snowy conditions impeded our market, and this year when moderate temperatures encouraged buyers to venture out, produced significantly better results. Closings this February exceeded closings last February by 20% even though inventory at month's end was 18% lower than a year ago.
Average prices have increased 11% in the last 12 months as sparse inventory and multiple offers have created upward pressure on prices. Surprisingly, the cost per square foot of new construction (which 3 years ago was almost 20% higher than resales) is only 11% higher than the cost per square foot of resale homes. The chart below shows this comparison.