Market Trends: Mercer County, July 2018

Sales were up 8.2% compared to last July while the median sold price was down 0.7%. There were 54 foreclosure sales in Mercer this month, up from 49 in July 2017. Foreclosure sales were 11% of all sales in July.

Inventory decreased by 3.7% this month, and is just 10.7% lower than a year ago. The Months Supply of Inventory decreased to 4.1 months compared to 4.8 months in July 2017.

Sales in July were up 8.2% from last July but are down 3.2% year-to-date. Excluding all foreclosure sales, normal sales were up 8.0% from last July but are down 1.9% year-to-date. The Property Marketing Period was down from 30 days last year to 25 days this year.

The median sold price this month was down 0.7% compared to last July but is up 1.0% year-to-date. Removing foreclosures, the median sales price of normal sales was $311,000, a 4.3% decrease from July 2017.

The sold price to original list price ratio typically in the range of 94-96% was at 97.6% in July and was 97.3% for July 2017. In July the sold price to list price ratio was at 98.5% up from 98.3% last July.

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