Closed Sales
Median Sales
Median Days on Market
Supply and Demand
Detached
In MRIS, the median sold price for Detached properties for January was $315,000, representing a decrease of 4.5% compared to last month and an increase of 5% from Jan 2014. The average days on market for units sold in January was 103 days, 1% above the 5-year January average of 102 days. There was a 20.8% month over month increase in new contract activity with 5,784 New Pendings; an 11.3% MoM increase in All Pendings (new contracts + contracts carried over from December) to 9,978; and a 4% decrease in supply to 25,992 active units.
This activity resulted in a Contract Ratio of 0.38 pendings per active listing, up from 0.33 in December and a decrease from 0.40 in January 2014. The Contract Ratio is 3% lower than the 5-year January average of 0.39. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.
Attached
In MRIS, the median sold price for Attached properties for January was $245,962, representing a decrease of 7.2% compared to last month and a decrease of 0.8% from Jan 2014. The average days on market for units sold in January was 69 days, 7% below the 5-year January average of 74 days. There was a 21.9% month over month increase in new contract activity with 4,351 New Pendings; a 12.6% MoM increase in All Pendings (new contracts + contracts carried over from December) to 7,070; and a 2.7% decrease in supply to 11,377 active units.
This activity resulted in a Contract Ratio of 0.62 pendings per active listing, up from 0.54 in December and a decrease from 0.73 in January 2014. The Contract Ratio is 7% lower than the 5-year January average of 0.67. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.
Attached/Townhouse
In MRIS, the median sold price for Attached/Townhouse properties for January was $236,805, representing a decrease of 10.6% compared to last month and a decrease of 4.1% from Jan 2014. The average days on market for units sold in January was 70 days, 3% below the 5-year January average of 72 days. There was a 21% month over month increase in new contract activity with 2,859 New Pendings; a 12.7% MoM increase in All Pendings (new contracts + contracts carried over from December) to 4,811; and a 4.2% decrease in supply to 7,337 active units.
This activity resulted in a Contract Ratio of 0.66 pendings per active listing, up from 0.56 in December and a decrease from 0.75 in January 2014. The Contract Ratio is 3% lower than the 5-year January average of 0.68. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.
Condo & Coop
In MRIS, the median sold price for Condo & Coop properties for January was $256,412, representing a decrease of 3.2% compared to last month and an increase of 2.6% from Jan 2014. The average days on market for units sold in January was 67 days, 12% below the 5-year January average of 76 days. There was a 23.6% month over month increase in new contract activity with 1,492 New Pendings; a 12.4% MoM increase in All Pendings (new contracts + contracts carried over from December) to 2,259; and a 0% increase in supply to 4,040 active units.
This activity resulted in a Contract Ratio of 0.56 pendings per active listing, up from 0.50 in December and a decrease from 0.70 in January 2014. The Contract Ratio is 14% lower than the 5-year January average of 0.65. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.
