10 fewer homes sold in February 2015 than did last February which I think is more of an indication of lower inventory than anything else. With the average sale price going up we should see the market continue its momentum into the spring season.
The DOM (Days on Market). which measures how long homes sit on the market before selling, was flat when compared to the same month last year. Not surprising because these last two winters have been fairly similar when it comes to weather.
Also in the report, the month of March begins the spring selling season and in my book, its the best month of the year to put your home on the market. Buyers who are planning to move this spring and summer are already starting to look. Most sellers will wait to list their home when the weather warms up more in April and May. But if you plan on selling this year and your house is ready to go on the market, my advice is to do it now. You’ll have less homes to compete against and you just may catch an early buyer. Meaning your home could sell before your neighbor across the street ever even gets theirs on the market.
Monthly Comparison by the Numbers
Month # Sold Avg. Price Avg. Days on Market
Feb. 2015 68 $93,518 147
Last Month 78 $115,402 148
Feb. 2014 78 $87,913 144