February 2016 Market Snapshot
February 29, 2016 at 1:06 PM
Monthly Market Indicators
The primary story, both nationally and in local submarkets, is a dwindling months' supply of inventory. The cure, of course, is more inventory. But new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves. The heart of the selling season has yet to begin, so we're still optimistically watching for an increase in activity in the coming months.
New Listings in Harrisburg remained steady at 16.0 percent to 29. Closed Sales were down 50.0 percent to 6. Inventory levels increased 4.3 percent to 49 units.
Prices continue to gain traction. The Median Sales Price increased .1 percent to $187,200. Days on Market was down 54.3 percent to 77 days. Sellers were encouraged as Months Supply of Homes for Sale was down 3.5 percent to 3.1 months.
National housing stats were up by 10.8 percent at the end of 2015 when compared to 2014, and the unemployment rate is holding low and steady at or near 4.9 percent. Meanwhile, mortgage rates continue to astound below 4.0 percent and we have witnessed an unprecedented 70 consecutive months of private-sector job growth. As consumers navigate their options, competition for the best available properties should be profound, especially if the market remains hobbled by a lack of supply.
Housing Supply Overview
Inventory is the primary need as we work our way into 2016. The total months of supply in many housing categories and price ranges is too low to sustain a balanced market. For the 12-month period spanning March 2015 through February 2016, Closed Sales in Harrisburg were down 10.0 percent overall.
The overall Median Sales Price was up 5.6 percent to $197,500.
Market-wide, inventory levels were down 23.0 percent.
- 10K Research & Marketing