Market Trends: Mercer County, January 2018

Sales were down 1.6% compared to last January while the median sold price was up 11.7% from last January. There were 44 foreclosure sales in Mercer this month the same number as in January 2017. Foreclosure sales were 18% of all sales in January up from 17% in December.

Inventory decreased by 2.7% this month, and is 12.8% lower than a year ago. The Months Supply of Inventory decreased to 3.5 months compared to 4.5 months in January 2017.

Sales in January were down 1.6% from last January. Excluding all foreclosure sales, normal sales were down 3.5% from last January. The Property Marketing Period was down from 66 days last year to 36 days this year.

The median sold price this month was up 11.7% compared to last January, and removing foreclosures, the median sales price of normal sales was $248,000, a 10.2% increase from January 2017.

The sold price to original list price ratio typically in the range of 94-96% was at 95.1% in January up from 94.1% for January 2017. In January the sold price to list price ratio was at 97.2% up from 96.7% last January.

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