Market Trends: Mercer County, May 2018

Sales were up 7.7% compared to last May while the median sold price was down 2.4% from last May. There were 61 foreclosure sales in Mercer this month, up from 49 in May 2017. Foreclosure sales were 16% of all sales in May.

Inventory increased by 12.0% this month, and is just 1.8% lower than a year ago. The Months Supply of Inventory increased to 4.7 months compared to 4.7 months in May 2017.

Sales in May were up 7.7% from last May but are down 4.5% year-to-date. Excluding all foreclosure sales, normal sales were up 5% from last May but are down 3.8% year-to-date. The Property Marketing Period was down from 25 days last year to 22 days this year.

The median sold price this month was down 2.4% compared to last May but is up 0.8% year-to-date. Removing foreclosures, the median sales price of normal sales was $274,000, a 0.4% decrease from May 2017.

The sold price to original list price ratio typically in the range of 94-96% was at 97.1% in May and was 97.3% for May 2017. In May the sold price to list price ratio was at 98.6% up from 98.3% last May.