Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Price per Square Foot
The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
Inventory of Properties Listed for Sale
Inventory has been relatively steady around these levels in recent weeks
Market Action Index
Not surprisingly, all segments in the market are showing high levels of demand. Watch the quartiles for changes before the whole market changes. Often one end of the market (e.g. the high-end) will weaken before the rest of the market and signal a slowdown for the whole group.
Days on Market
The properties have been on the market for an average of 87 days. Half of the listings have come newly on the market in the past 56 or so days.