February Market Update In the real estate industry February is one of the slowest months of the year. Its kind of the calm before the busy season storm. The numbers are once again positive for February 2014 compared February 2013. Median sales price increased 7.7%. Average sales price increased 8.9%. Closed sales were up 3%. Months supply of inventory was down 20.2% to 7.3 months. Year to date statistics all show numbers comparable to those above. Basically what I am saying is what I have been saying for a while now. February of 2013 was way better than 2012 and February 2014 was better than 2013. The market has steadily shown great supply and demand numbers. As we enter the busier Spring/Summer season I am going to be very interested to see where the numbers fall compared to the year before. Its going to be tempting to confuse market normalization to a possible slow down. One of two things will happen. If inventory levels continue to stay below where they need to be prices will continue to increase. If people decide to put their homes on the market then the numbers will level out. Right now it is really neither a buyer or a sellers market, but if I had to say one I would say it is a sellers market due to the low inventory. Ive been saying this for a while now, but I am trying to get the point across. In central MS there is a shortage of quality homes for sale.
Posted on: Tue, 25 Mar 2014 12:24:02 +0000
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