The employment landscape and wages have both improved over the last few
years, allowing for more people to participate in the home-buying process.
When the economy is in good working order, as it is now, it creates
opportunities in residential real estate, and right now is a potentially lucrative
time to sell a home. Houses that show well and are priced correctly have been
selling quickly, often at higher prices than asking.
New Listings were down 11.1 percent to 168. Pending Sales decreased 15.4
percent to 44. Inventory shrank 20.7 percent to 873 units.
Prices moved higher as the Median Sales Price was up 17.9 percent to
$125,000. Days on Market increased 3.8 percent to 247 days. Months Supply of
Inventory was down 24.5 percent to 14.5 months, indicating that demand
increased relative to supply.
Although there is a mounting amount of buyer competition during the annual
spring market cycle, buyer demand has not abated, nor is it expected to in the
immediate future unless something unpredictable occurs. While strong demand
is generally considered a good problem to have, it creates an affordability issue
for some buyers, especially first-time buyers. And yet, prices will continue to
rise amidst strong demand.