We are seeing an interesting dynamic right now with inventory down and sales up. Buyers are having a tough time finding homes. This has actually brought the market very close to a balanced market with only 10.1 months supply of inventory. The median and average sales price have continued to drop as first time home buyers continue to dominate the market place. The good news is that we saw an 11.4% increase in closed sales from January 2010 to 2011. This has been evident as I have spoken with REALTORS® around the county who have indicated an increase in activity that they normally don’t see in the winter months. Buyers are clearly scrambling to to take advantage of the low interest rates.
The median sales price was making a comeback but has dipped back down slightly, again indicating the buyers are focusing on homes priced in the lower spectrum of the market.