Market Update Jackson Area August 2014 Most local markets continue to recover from a small lull earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but its been so long since weve seen one that were watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months supply, and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points (low number of REO sales) and may not indicate softening demand. Closed sales decreased 14.2% while changes in inventory decreased 13.6%. Less homes sold, but the inventory levels still continued to drastically decrease. This is exactly what I have been talking about for several months now. There is a lack of quality homes for sale. New listings decreased 5.7%. Months supply of inventory is 7.8 which is down 17.5%. The lack of inventory is once again causing prices to increase. Median sales price was up 4.6% and average sales price was up 5.7%. In August 2013 there were 4,020 homes for sale. There was 3,473 homes for sale in August 2014. That is almost 2 less months of inventory. This is the lowest inventory of homes for sale during the summer on record in MLS. In December of 2012 there were less, but the winter months historically have less activity than the summer months. Months supply of inventory for August 2011 was over 11, it was 10 in 2012, 9.5 in 2013, and it currently sits at 7.8 for December 2014. Madison and Rankin counties continue to see the best market trends. Rankin County has a months supply of inventory of 6.3 while Madison County sits at 6.9. 1,250 homes sold in Rankin County during August 2014. 812 sold in Madison county during the same period.
Posted on: Tue, 16 Sep 2014 14:13:51 +0000