Market Index
A market index of above 1.20 is a seller’s market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer’s market.
The index declined one point to 0.29.
New Listings – 17 new listings, compared to 22 last month. Last year there were 9.
Pending Listings – 11 new escrows opened, compared to 11 last month, and 8 last year.
Pending Ratio – 0.65, up for the third month in a row. Last year the ratio was 0.89.
Listing Inventory –82 homes left on the market, compared to 90 homes last month. Last year we had 118 listings on the market.
Sold Listings – 13 listings closed escrow, compared to 16 last month, compared to 11 the year before. The small number of sold listings is probably overstating the values this month, but the upward trend since September remains the same.
Average Sales Price - $724,300, up from last month’s $580,235, is above the year’s low in September. Since September, prices have been going UP. 
Price per square foot –$338.40, down from last month’s $345.17, There was a 460 square foot increase in the average living square area, meaning that more larger homes are being sold. Larger homes traditionally have a lower selling price per square foot.
Conclusions
The two factors that affect ownership cost are the purchase price and financing terms. Mortgage rates are plummeting to the lowest rates in years, so as inventory levels stay low, I expect the law of supply and demand to kick in, impacting home prices. Lower interest rates will expand the pool of qualified buyers, which also should cause prices
to increase.
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Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change
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