News & Features

Kelley’s Market Trends: Residential Sales

The median sales price for the first six months was $269,000, which is 9.1 percent higher than the same period in 2016

After a slower start this year, May and June came back strong with 209 sales in May and 202 residential sales in June. If the current rate of sales continues, 2017 could be a record year for the number of sales.

In the first six months of this year there were 821 sales, which is up 10.9 percent from the 740 sales at this time last year.  The previous high was in 2006 when there were 897 sales in the first half of the year.    

Mortgage interest rates are up from a year ago at this time, but about the same as they were last month. The current average 15-year rate is around 3.17 percent, compared to 2.63 percent at this time a year ago. The average 30-year rate is around 3.9 percent, compared to 3.6 percent in July of 2016.

In the first six months, 52.4 percent of residential sales were on small urban or suburban lots, 21 percent were on half-acre to three-acre lots and 14.6 percent were on three- to 20-acre tracts.   

The median sales price for the first six months was $269,000, which is 9.1 percent higher than the same period in 2016.

The current overall inventory level is 12.4 percent lower than it was in July of 2016. The median asking price of the active listings is $469,900. Only 18.8 percent of active listings are priced at or below the median sold price of $269,000.

In the first six months, there were 24 bank-owned or distressed sales, compared to 46 in 2016. Non-distressed sales represent 97.1 percent of the market, compared to 93.8 percent in 2016.

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