The month of January almost always reflects the New Years Resolutions of sellers to put their home on their market with a large increase in supply. February is the reaction to that supply and also the fulfillment of buyer’s resolutions to purchase a property. Since a closing period on a real estate transaction is 30-45 days, buyer activity in January reflects in February closings. Closings were up by 10% last month. Pending sales are up as well following a normal seasonal trend as the sales increase to the historically busy spring and summer market.
Average prices dropped by more than $24,000. This is a strong indicator of seller motivation from January. Sellers were willing to reduce t...