Affordability is at center stage for local buyers as prices are up and the number of transactions down. The average price of homes sold this January were 11% higher than homes sold last January, while the median price of a home increased 12%. Going along with higher prices and fewer transactions, inventory increased 23% over the past 12 months.
It's interesting to note that we have only 21 days of resale inventory available to choose from. New home inventory has risen to 102 days but 68% of the new home inventory is not yet ready for occupancy. This means that there are only 43 days of finished new home inventory, which on average is 22% more expensive than resale homes.
Spring is on the way and with it the promise of more housing inventory. This market is creating great opportunities for sellers, both builders of new homes and sellers of resale homes. Bring on the inventory.