December 2016

The 2016 housing market ended on a high note with an active December that offered the same monthly housing market highlights. Closed Sales increased, despite the continued declining inventory.

Closed Sales were up 4.2 percent in December compared to December 2015. Pending Sales decreased 1.3 percent and New Listings fell 4.6 percent. Median Sales Price was up 6.3 percent to $153,000. Average Sales Price rose 6.0 percent in December. Absorption Rate was down 23.1 percent to 3.0.

The overwhelming feeling about prospects in residential real estate for the immediate future is optimistic. For the fifth straight month we have seen an increase in Closed Sales across the region, and with buyer demand remaining high, we can only hope that will increase inventory as well in 2017.