Home Market Trends: Mercer County, November 2017

Sales were up 21.3% compared to last November while the median sold price was down 4.2% from last November. There were 63 foreclosure sales in Mercer this month, up 47% from November 2016. Foreclosure sales were 18% of all sales in November up from 16% in October.

Inventory decreased by 4.6% this month, and is 12.5% lower than a year ago. The Months Supply of Inventory decreased to 4.2 months compared to 5.2 months in November 2016.

Sales in November were up 21.3% from last November and are up 9.6% year-to-date. Excluding all foreclosure sales, normal sales were up 18.1% from last November and are up 7.0% year-to-date. The Property Marketing Period was down from 72 days last year to 38 days this year.

The median sold price this month was down 4.2% compared to last November and is down 2.1% year-to-date. Removing foreclosures, the median sales price of normal sales was $253,000, a 7.6% decline from November 2016.

The sold price to original list price ratio typically in the range of 94-96% was at 95.7% in November and was 94.9% for November 2016. In November the sold price to list price ratio was at 97.8% up from 97.4% last November.