Although the average home price this February looks anemic next to February 2012, that month was one of the best in our history for sales of homes for over $1 million. The number of homes sold this year is on track to smash the 10-year average, however, so the short supply of inventory will influence prices for the rest of the year. Prices will look a lot better by the fourth quarter.
The inventory still has yet to break 1,600 properties for sale this year. If we sell the projected 1,700 properties this year, there is under a year's supply.
53 ... single-family homes sold through February
46 ... 10-year average number of homes sold through February
25 ... number of homes sold through February 2009
Chuck Leathers is the broker/owner of Chuck Leathers Real Estate Co. He can be reached at (888) 485-2300 or email him at ChuckLeathers@Realtor.com.