The strength of the market showed itself yet again in March.
The average days on the market plunged in March — a 35 percent decrease from March 2012. However, the average sold price statistic, $295,330, gives us the real story of the state of the housing market. This number is up 7 percent from February and up 19 percent year-over-year.
March’s 6,682 available homes for sale is the lowest inventory level in at least 28 years. This is the ninth month in a row the inventory level has fallen, thus driving sale prices to near historic levels and creating a frenzied market for buyers.
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