Market Trends: Mercer County, February 2018

Sales were down 16.7% compared to last February while the median sold price was up 5.0% from last February. There were 35 foreclosure sales in Mercer this month, down 50% from February 2017. Foreclosure sales were 16% of all sales in February down from 19% in January.

Inventory increased by 6.7% this month, and is 10.2% lower than a year ago. The Months Supply of Inventory increased to 3.8 months compared to 4.2 months in February 2017.

Sales in February were down 16.7% from last February and are down 8.7% year-to-date. Excluding all foreclosure sales, normal sales were down 5.0%% from last February and are down 4.2% year-to-date. The Property Marketing Period was down from 69 days last year to 44 days this year.

The median sold price this month was up 5.0% compared to last February and is up 7.3% year-to-date. Removing foreclosures, the median sales price of normal sales was $230,000, a 9% decrease from February 2017.

The sold price to original list price ratio typically in the range of 94-96% was at 94.6% in February and was 93.9% for February 2017. In February the sold price to list price ratio was at 97.4% up from 97.6% last February.

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