March 2014 Market Statistics

March 2014 Market Statistics
March 2014: Holding Steady

First quarter results for the past two years have been quite similar. The number of transactions in each first quarter was the same as the year before but the average price increased. First quarter prices in 2013 increased by 22% compared to 2012 while the first quarter prices in 2014 were 8% higher than in 2013. Distressed property sales were down from 47% in the first quarter of 2012 to 23% in the first quarter of 2013 to 12% this year.

Inventory has crept up 23% in the last twelve months but the supply of homes available for sale is still low. At the end of the first quarter in 2012, there was a supply of 2.8 months compared to 3.0 at the end of the first quarter in 2013 and 3.2 months this year.

While inventory is creeping up, it is painfully slow in doing so and we are hoping for more resale homes on the market this spring.

New home sales made up 21% of total sales in the first quarter of this year, comparable to last year but the average price increased by 15%. New homes sold for 24% more than resale homes in the first quarter. While there is less than 3 months of resale inventory, there is more than 5 months of newly constructed homes on the market.