March closed sales of single family homes on less than one acre including condominiums totaled 495. Last year for March, closed sales of similar property totaled 497. The average sales price in March was $204,562 compared to $182,265 for March last year. The increase in average sales price was 12.2%. The median sales price for March was $187,500, an increase of 10.4% over March 2015 when the median sales price was $169,900.
1st Quarter sales total 1,186 compared to last year through the first quarter of 1,166 closed sales, an increase of 20 homes or 1.7%. The average sales price for the first quarter is $199,378 compared to $182,181 last year, an increase of 9.4%. The median price through the first quarter is $182,500 compared to $167,950 last year through the first quarter, up 8.7%.
Inventory continues to be tight. Inventory as of this report totaled 1,752 properties compared to 2,162 last year at the same time. Inventory is down 19%. New construction sales reported to the MLS are up 18.7% through the first quarter, 165 v. 139.