January 2017 Terrain Market Snapshot

February 3, 2017
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# of Closed Sales: 4

Average Days on Market for Solds: 87

Median Sales Price: $453950

# of news listings: 14

Months of Inventory Last Month: 2

While there is roughly the same number of active listing as there was in January 2016, there 75% more solds. New builds account for 96% of active listings, but only 46% of properties under contract and 25% of those that sold. 

What does that mean? It means that despite the larger inventory of new builds, the existing home market remains strong. 

One note: expect that the average 87 days on market for existing homes will go down sharply over the next couple months. Remember that homes that sold in January went under contract 30-45 days before that. With slower traffic over the holidays, that’s sure to come down.