Market Trends: Mercer County, March 2018

Sales were down 24.9% compared to last March while the median sold price was down 0.7% from last March. There were 52 foreclosure sales in Mercer this month, down 26% from March 2017. Foreclosure sales were 20% of all sales in March.

Inventory increased by 4.4% this month, and is 12.3% lower than a year ago. The Months Supply of Inventory increased to 4.0 months compared to 4.5 months in March 2017.

Sales in March were down 24.9% from last March and are down 15.3% year-to-date. Excluding all foreclosure sales, normal sales were down 23% from last March and are down 12.1% year-to-date. The Property Marketing Period was down from 60 days last year to 48 days this year.

The median sold price this month was down 0.7% compared to last March but is up 5.2% year-to-date. Removing foreclosures, the median sales price of normal sales was $240,000, an 11% decrease from March 2017.

The sold price to original list price ratio typically in the range of 94-96% was at 95.9% in March and was 95.1% for March 2017. In March the sold price to list price ratio was at 97.5% up from 97.0% last March.

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