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Local Market Review: New Listings, Sales and Prices Up, Inventory Remains Low

Published Monday, March 21, 2016

Housing data released by MIBOR today shows increased activity in listings and sales along with steady price gains alongside another month of low inventory. Closed sales increased 9.6 percent in February compared to February 2015 and rose 10.0 percent in the quarterly comparison. Pending sales showed similar growth up 14.0 and 15.0 percent for the month and quarter respectively. New listings performed well up, 10.5 percent for the month and 0.7 percent for the quarter. Inventory continues to drag, down 13.1 percent to 3.8 months.

Sale prices remain on an upward climb. The average sales price increased by 2.2 percent in February to $170,125 and rose 3.6 percent in the three-month review. Median sales price increased 2.7 percent in February to $135,000 and 6.0 percent for the quarter.