Median Home prices increased 22% from February 2017 to February 2018
- Active inventory rose 3.3% to 780 properties, but buyers experienced no relief with the median price increasing a staggering 22% from February 2017 to February 2018 ($845,319 from $692,500).
- Over half (52%) of the 529 properties that closed in February sold for over asking price. The median amount above list price was 8%.
- 68% of the closings were on the market for less than 15 days before being Sold!
- Interest rates are a half a point higher at 4.33% than the low of 3.81% in September of 2017.
- We don’t expect to see anything change and if the trend stays the same then we should see the majority of equity gained for 2018 realized over the next 3 months.