Home Market Trends: Mercer County, December 2017

Sales were up 13.9% compared to last December while the median sold price was up 4.1% from last December. There were 59 foreclosure sales in Mercer this month, up 26% from December 2016. Foreclosure sales were 17% of all sales in December down from 21% in November.

Inventory decreased by 12.8% this month, and is 14.1% lower than a year ago. The Months Supply of Inventory decreased to 3.6 months compared to 4.6 months in December 2016.

Sales in December were up 13.9% from last December and are up 10.3% year-to-date. Excluding all foreclosure sales, normal sales were up 11.5% from last December and are up 7.6% year-to-date. The Property Marketing Period was down from 45 days last year to 39 days this year.

The median sold price this month was up 4.1% compared to last December and is down 2.3% year-to-date. Removing foreclosures, the median sales price of normal sales was $254,000, a 2.6% increase from December 2016.

The sold price to original list price ratio typically in the range of 94-96% was at 95.6% in December and was 94.1% for December 2016. In December the sold price to list price ratio was at 97.3% down from 97.4% last December.