Although sales activity has declined, the average price per sq. ft. of homes sold during the 1st quarter of $503 per sq. ft.is up approx. 18% from last year.
The average list price of homes for sale at the end of the first quarter of approx. $2.3 million is 16% lower than the comparable time last year. The average sold price of $1.4 million during the quarter is up about 28% compared to the comparable quarte last year. The lower priced homes are still dominating the sales activity however.
With 67 homes listed for sale at the end of March, and sales averaging 24 homes sold per month, this equates to less than 3 months of inventory.
Combined with continuing low interest rates, now is an excellent time to consider buying a home.