February’s home sales indicate a stable market with 1,857 closings reported, a 4 percent increase from last February’s 1,784. Year-to-date closings through February stand at 3,636, a 6.8 percent increase from last year’s 3,418 reported through the same period.
GNAR President Hagan Stone says the sales indicate the stability of the market. “As the weather turns warmer and we enter the official spring buying and selling season, we hope to see the same sustainability we’ve experienced over the past few months,” he explained. “However, while the current trends remain positive, it is important that we begin to focus on keeping our city and region vibrant and attractive to businesses by implementing some long-term planning.”
There were 2,221 sales pending at the end of the month, compared with 2,269 pending sales at this time last year. The average number of days on the market for a single-family home was 78 days.
The median residential price for a single-family home during February was $189,000, and for a condominium it was $165,000. This compares with median residential and condominium prices of $175,000 and $138,473, respectively, at this time last year.
Inventory at the end of February was 14,129, down from 15,651 in February 2013.
“Though still down from a year ago, inventory is increasing,” added Stone. “And with more people considering putting their homes on the market, it is important for sellers to understand that buyers are expecting homes to be market ready and priced correctly in order to seriously consider a purchase. If you plan to buy a home or put yours on the market, working with a Realtor is the first step in the right direction.”