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The Morris market cruised through the first quarter, with increases in both sales and prices. Even an almost 20% drop in inventory did not hold sales back, with closings up over 4% from last year. But that lack of inventory did have its expected impact on pricing, which was up over 3% for both the average and the median. We’re now seeing sustained appreciation, with yearlong pricing up over 3% on average and almost 4% at the median. These rising prices will eventually attract more sellers into the market, but probably not in time for the spring market. So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.
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