Year-end 2017 brought 123 transactions in our survey of transactions related to parties we generally associate with lot and new-home development. See the attached data. Not a bad end to the year.
Looking at the existing-home market, our data suggest continuing tight inventory conditions, with 4.1 months on a closed-sales basis. Again, bear in mind just how tight that is by factoring in the MOI for luxury homes is still well over a year (14.3 MOI). December ended with one of our lowest price-per-sf numbers of 2017 with a $72 number.
On a national-basis, we saw a 2017 average sales price of $235,000 based on NAA data. As expected, this exceeds the local market (which usually lands in the $170s).