Mercer County Market Trends Report - September 2017

Residential activity in Mercer County (Single-family and Condo)

Sales were down 1.4% compared to last September and the median sold price was down 8.2% from last September. September foreclosure sales in Mercer returned to a more normal 56 after hitting 72 last month. Foreclosure sales were 15% of all sales and were about the same as last September.

Inventory

Inventory increased by 2.6% this month, and is 11.8% lower than a year ago. The Months Supply of Inventory increased to 4.9 months compared to 5.9 months in September 2016.

Settled Listings

Sales in September were down 1.4% from last September but are up 9.3% YTD. Excluding all foreclosure sales, normal sales were down 1% from last September but are up 8.6% YTD. The Property Marketing Period was down from 53 days last year to 36 days this year.

Median Price

The median sold price this month was down 8.2% compared to last September and is down 1.6% YTD. Removing foreclosures, the median sales price of normal sales was $254,500, a 9.1% decline from September 2016.

Settled Price / Original Price

The sold price to original list price ratio typically in the range of 94-96% was at 96.3% in September and was 95.9% for September 2016. In September the sold price to list price ratio was at 97.8% compared to 97.5 last year.

Average Showing Appointments Per Listing by Price Range

Showing activity was down 9% over last month and up 15% overall compared to September 2016 with the largest increase in the $500,000+ price range.