In April, the median price increased to $385,000, compared to the $365,000 in March.
More importantly, the median is 4.1% higher than it was a year ago.
Currently there is 1.4 months worth of inventory. A “normal” or “balanced market” is considered around 2.5— 3 months.
The homes that are priced right, show well and have a high quality marketing plan are getting sold quickly. However, the properties that are over priced are sitting with little activity until the list price is in line with the true market value. The overpriced properties are having price reductions to try and get more attention.
I’m calling it a “price sensitive balanced market.”