December Market Summary

With 2016 officially in the record books, we can at least say it ended on a good note.

Decembers total sales were up 6.14% over last Decembers sales, while the listing inventory was down 13.25%. This decrease in listing inventory, and increase in sales, helped keep the market relatively balanced with a 4.04 absorption rate. The benchmark price in December declined -3.84% which also reflects the years decline of -3.84% in the benchmark price dropping to $440,650.

Interestingly enough the $800,000+ market has continued to out perform last year at this time which is actually helping drive the average price for the year up 2.16% to $479,522. It is interesting to see the benchmark price decline while the average price increased. This suggests that while the lower markets are still seeing some market adjustments; the higher end markets that were hit harder seem to be showing signs of recovery.