Home Market Trends: Mercer County, October 2017

Sales were down 1.6% compared to last October and the median sold price was down 0.7% from last October. There were 52 foreclosure sales in Mercer this month, up 24% from October 2016. Foreclosure sales were 16% of all sales in October about the same ratio as in September.

Inventory

Inventory decreased by 6.3% this month, and is 13.8% lower than a year ago. The Months Supply of Inventory decreased to 4.5 months compared to 5.6 months in October 2016.

Settled Listings

Sales in October were down 1.6% from last October but are up 8.4% year-to-date. Excluding all foreclosure sales, normal sales were down 4.6% from last October but are up 5.9% year-to-date. The Property Marketing Period was down from 70 days last year to 36 days this year.

Median Price

The median sold price this month was down 0.7% compared to last October and is down 2.0% year-to-date. Removing foreclosures, the median sales price of normal sales was $237,950, a 0.8% decline from October 2016.

Settled Price / Original Price

The sold price to original list price ratio typically in the range of 94-96% was at 95.0% in October and was 94.3% for October 2016. In October the sold price to list price ratio was at 97.4% the same as last October year.

Average Showing Appointments Per Listing by Price Range

Due to systems issues with ShowingTime all appointments in October were down from the previous year and month.