The market momentum of 2013 has continued through the new year and into January as home sales and prices were up again to start the year. While inventory continues to be down, the return of equity is giving homeowners a better opportunity to put their homes on the market – if that’s what they want to do. Unfortunately, inventory can’t come back if sellers don’t list their homes. (see graphs below – click on them to enlarge)
Link to January 2014 news release
Highlights from the release:
- January single-family home sales – Up 0.7% over last year.
- January Single-family median prices were UP 14.3% to $320,000. Sixteen straight months of increases.
- January condo sales up 4.1% and median prices UP 20.2% ($300,500)
- Inventory in January Down 20.4% to 15,246 and Condominium available Down 27.0% to 4,232
- SF listings added to the market in January Down 11.1% over last year. (4,167 from 4.685 in 2013)
- Condo listings added to the market Down 11.4% over last year. (1,700 from 1,919 in 2013)