Market Trends: Mercer County, August 2018

Sales were down 4.6% compared to last August while the median sold price was down 1.9%. There were 67 foreclosure sales in Mercer this month, down from 72 in August 2017. Foreclosure sales were 14% of all sales in August.

Inventory decreased by 4.6% this month, and is just 10.1% lower than a year ago. The Months Supply of Inventory increased to 4.2 months compared to 4.6 months in August 2017.

Sales in August were down 4.6% from last August and are down 3.3% year-to-date. Excluding all foreclosure sales, normal sales were down 4.4% from last August and are down 2.3% year-to-date. The Property Marketing Period was down from 35 days last year to 31 days this year.

The median sold price this month was down 1.9% compared to last August but is up 0.8% year-to-date. Removing foreclosures, the median sales price of normal sales was $285,500, a 9.4% decrease from August 2017.

The sold price to original list price ratio typically in the range of 94-96% was at 96.7% in August and was 96.4% for August 2017. In August the sold price to list price ratio was at 98.1% up from 98.0% last August.