Although more homes closed and were placed under Contract in March vs. February, which is typical, compared to the same months last year they were down, respectively 12.1% and 15.7%.  Nevertheless, homes which sold continued to appreciate.  In March the median sold price was $213,000, compared to $188,000 for the same month last year, a 13.3% increase.  The average sold price was $250,000, 10.6% higher than March 2015, a 10.6% increase.  Similarly, at $163 per square foot, the average sold price per square foot appreciated 11.6% from last year.  What appears to be quite telling, is that in the face of continued price appreciation, the average “for sale” price is depreciating; 3.9% down from last month, 4.7% down from last year.  It supports the proposition that listing your home close to its fair market value is more likely to generate a higher priced sale.  Although it seems counterintuitive, it works.  It works because savvy buyers recognize that when properly priced, they are prepared to move quickly, often spurring multiple offers, and within close proximity to the list price.  True to form, average days on the market fell: it was 57 days in March, down 16.2 from last year; and, the month ended with a mere 3.4 month inventory of homes for sale based on closed sales. In March homes sold, on average at 96% of list price.  The takeaway:  Establish your home’s fair market value, add 4%, that’s your list price.

March 2016 Median & Average Sold Price Appreciated.  Average “For Sale” Price Depreciated.