Tri-Cities home sales continued a steady increase in February. So far this year, sales are up 9.2% (89 closings) from the first two months of last year.
February sales were up 9.2% from last year on the early count. The number of sales typically increases at the mid-month count when the closings that were reported late are tabulated. That accounted for a 5% increase (28 closings) from the early count in January.
Last month, sales in the affordable zone ($160K to $299,999) were up 15.5% from last year.
Sales in the move-up price zone ($300-$499,999) were p 17.5%.
Luxury sales in the $500+ sales price zone were down 10.5% from last year.
There were five sales in the early county of premier sales in the $1 million plus zone. This time last year there were eight sales in the premier market.
Sales typically pick up in the last month of the first quarter was the prime home buying and selling season gets underway.
The early outlook for a sales increase with year given current conditions.
Early sales have tapped the brakes on the region’s slow inventory increase.
Last month’s new listings were down 6.2%; however, the active inventory is up 12.3%.
The region had 3.34 months of inventory during the early count.