The Snapshot Report from Pacific Appraisals is showing the trends for the year through September.
Both the average and median home prices are up this year. For the third quarter of 2014, the average sales price is $259,113 and compares to $243,047 at the same time last year. The median price is also up to $230,000 from $212,500 last year. Some of that reflects that sales of homes in higher price ranges have ticked up a bit again.
Inventory wise, there are 608 homes available compared to 635 at the end of September last year. That is enough of a drop to bring the months of supply down to 3 months currently from 4 months last year. A balanced market is usually considered 6 months, so the current market favors sellers, and price increases.
Time on market is down too. For September sales, the average time on market was 105 days, and the year-to-date average days on market is 110 days. That compares to 126 day on market average for the first three quarters of 2013.