It was an average week in sales but the number of homes currently under contract remains sky high. To begin with there is currently 425 subdivision homes available on MLS listed at an average of $94.43 per square foot. 257 homes are currently under contract up from 253 the week prior and one of the highest number of “pendings” that I can ever remember in this market, and 25 homes sold over the last week, selling at an average of $80.42 per square foot, bringing our YTD numbers now to 279 homes sold at an average of $85.06 per square foot. By comparison through the same time period last year, 288 homes had sold at an average of $76.83 per square foot, so we are tracking at 3% drop in homes sold but a 10.7% increase in the average sold price per square foot.
I had a reader make the point that the measure of square footage is not a true measure of a home’s value and he is absolutely correct as so many other factors come into play,