For the month of January 2016, the median home sale price (for all single-family homes and condominiums) was $106,000, an increase of 8.0 percent from the $96,000 January 2015 price. The median is a typical market price where half the homes sold for more, half sold for less.
The number of homes sold in the Capital Area declined 0.8 percent in January of 2016 with 167 homes sold, compared to 181 homes sold in January of 2015.
"Although down from last year, home sales are off to a respectable start for 2016." One of the big impediments continues to be lack of inventory, according to REALTOR Kristie DeBrun, GREEN, GRI, SFR, SRS, president of the organization.
Sale pendings in January 2016 amounted to 255, reflecting a 7.6 percent decrease from the 276 sale pendings during the same time in 2015.
The 28 foreclosure sales in January of 2016 reflected 16.7 percent of all sales nearly unchanged from the number of foreclosure sales during the prior January.
The average cumulative days on market for all home sales was in January 2016 decreased to 86 days, down markedly from 125 days in January of 2015.
"The dramatic decrease in cumulative days on market is illustrative of the lack of inventory we are experiencing. The 4.0 months of inventory that currently exists is leaning toward a seller's market," said DeBrun.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.87 percent in January 2016, reflecting a modest increase over the 3.67 average rate during January of 2015.