The results are in for January, 2013, and they show that the Plymouth County housing market is doing better -- with homes selling for higher prices, in less time, in a market where there are fewer homes for sale -- than it was in the same month last year, January 2012.
January is often the least active month of the year for real estate activity. That makes it useful for year-over-year comparisons: analyzing the differences between this January and previous Januarys can give us some useful indications about market trends and how this year's market may play out.
There's been a lot of media coverage in the past few months about increasing sales prices and lower inventories, both nationally and in specific markets. Are the same trends happening in Plymouth County, Massachusetts?
The answer seems to be yes. Look at this summary of year-over-year housing statistics for Plymouth County.
The median list price of all the houses on the market has increased 5% since last January. The average list price is up even more, at 9%. Also, the percentage increase in the number of properties that sold this January compared to last January is up 26%.
At the same time, the total number of properties on the market has dropped substantially (21%) and the number of days that properties were on the market before they sold dropped 5%.
The most interesting, and perhaps telling, statistic of all, though, is the supply of inventory. The number of homes that are currently available in Plymouth County has dropped so much that, if no new properties came on the market, the entire inventory would sell out in less than 8 months. That figure is 37% lower than it was at the same time last year.
Each of these indicators suggests that Plymouth County's housing market is becoming more of a seller's market: all the data are pointing toward higher prices and more competition for fewer available homes.
Will it continue? One month's data doesn't make a trend, but this data seems to dovetail with what we're hearing on the news about national and specific regional trends. After several years of declining prices, evidence of a firmer market with stable or increasing prices is welcome.
As we move into the spring, when the number of homes for sale typically increases month-over-month, I'll be looking for indications that prices are steady or rising when compared both to the most recent months and the same period last year.
That is a cautious way of saying yes, it looks as though a seller's market is developing, and rising prices are suggesting that the Plymouth County housing market is heating up, along with other real estate markets around the country.
Data based on information from MLS PIN for the period 4/30/2000 through 1/31/2013. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS's may not reflect all real estate activity in the market.
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