First off, apologies for the late market update! As our faithful readers know by now, the market is heating up, as is our business! Yesterday saw both my father and I running around like the proverbial headless chickens.
To evidence the rising market, and to show you the extent to which our optimism soars, take a look at some of the below facts.
APRIL SALES MARKET SUMMARY
Here are the basic ARMLS (local Multiple Listing Service) numbers for May 1, 2015 relative to May 1, 2014 for all areas & types:
- Active Listings: 21,512 versus 26,205 last year – supply down 17.9% – and down 3.5% from 22,303 last month
- Pending Listings: 7,951 versus 7,199 last year – up 10.4%– and up 1.2% from 7,853 last month
- Under Contract/Pending Listings:12,276 versus 10,584 last year – up 15.8% – and up 2.4% from 11,988 last month
- Monthly Sales: 8,363 versus 7,572 last year – up 10.4%– and up 6.0% from 7,887 last month
- Monthly Average Sales Price per Sq. Ft.: $135.88 versus $130.27 last year – up 4.3%– andup 2.9% from $131.99 last month
- Monthly Median Sales Price: $202,000 versus $190,000 last year – up 6.3% – and up 1.0% from $200,000 last month
The Take away?! Prices are definitely rising. That statistic about the average sales price per square foot is in itself a huge deal. A 2.9% increase in one month is a very good sign. Obviously that probably won’t happen every month, but it is great none the less (for sellers anyway).
We won’t break out the champagne yet though. We are heading into the peak of the buying season and there is still more than half of the year left.
Thank you (again) Michael Orr and the Cromford Report for the statistical data provided here