The number of homes going under contract and sold continues to outpace the number of new listings.  The result is continued low inventory, continued price appreciation, and quick sales.  For the month of April 2015 there were 529 homes for sale; of which only 216 were new listings; 252 homes went under contract; and 235 homes sold.  Comparing April 2015 to the same month last year, this month we had 25% less homes for sale and 7% less new listing.  Nevertheless, there were 23% more homes that went under contract and 3% more homes sold than the same time last year.  Think about that.  Significantly less homes for sale, but more sold.  That is a seller’s market.  And the stats bear it out.  Homes went under contract in 63 days, 12.5% less than one year ago; at $152 per square foot, 8% more than a year ago; leaving only a 2.3 month supply of homes for sale based on closed sales, 26% less than last year at this time.

What is critically important is that a home be properly priced.  As a general rule (please note this rule can vary based on community, uniqueness of property, price range) the definition of properly priced is a list price usually no greater than 4% above its likely sold price.  Why is 4% the “holy grail”?  Because month in and month out homes, on average, do not go under contract until the sold price is within 96% of the list price.  The art is in knowing and being able to justify what the likely sold price range will be.

Below are detailed graphs and charts which support the information contained herein. Click here to download them in PDF form.