Posted on August 4, 2013 - 12:40 AM
by Marie Kamprath
The local real estate market update in brief: We have turned the corner number-wise, and prices are creeping upward.
July 2013 over July 2012, the total number of home sales are up just 0.6%, but the number of pending sales is up a more respectable 31.8%, which bodes well for August. Year-to-date over 2012, average sales prices are up 3.16%, the number of sold is up 18.5%, and the number of pending sales are up 24.2%.
Also, year-to-date over 2012 the "absorption rate" or months of inventory is down about three months, from twelve to nine months. If that trend continues the market will become much more competitive.