Real Estate @ a Glance: April 2015 Edition

All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.

Closed Sales increased 3.4 percent for Detached homes and 4.4 percent for Attached homes. Pending Sales increased 27.8 percent for Detached homes and 22.2 percent for Attached homes. Inventory decreased 15.6 percent for Detached homes and 17.9 percent for Attached homes.

The Median Sales Price was up 6.0 percent to $519,540 for Detached homes and 15.4 percent to $348,825 for Attached homes. Days on Market decreased 6.4 percent for Detached homes and 8.7 percent for Attached homes. Supply decreased 13.8 percent for Detached homes and 15.4 percent for Attached homes.

On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first six months of the year.