The market for buyers in many market segments under $400,000 is extremely competitive, especially for “move-in ready” properties. Buyers should be prepared to enter into multiple offer situations and discuss offer strategies with the agents prior to presenting any offers.
This shows a decrease in the number of sales of 127 homes or -7.6%. The median sale prices saw a 12.7% increase year-over-year. There are currently 178 homes on the market with an average marketing time of 92 days. This results in a 0.9-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
This shows a decrease in the number of sales of 365 homes or -18.3%. The median sale prices saw a 9.7% increase year-over-year. There are currently 72 homes on the market with an average marketing time of 70 days. This results in a 0.5-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
We continue to see the shortage of homes available be a significant factor in our market. It is most noteworthy that sales volume for 2024 was the lowest it had been since 2011 following the market crash of 2008. However, values remain strong, experiencing a 9.0% increase year over year.
November continued the trend we saw in October of strong sales volume with a 9.3% increase over November of 2023. However, we also saw supply of homes drop significantly down to 0.4 months of supply. It is not atypical to see a significant decrease in inventory during the holiday season, but this change is larger than we normally experience.
This shows a decrease in the number of sales of 89 homes or -5.4%. The median sale prices saw a 10.0% increase year-over-year. There are currently 182 homes on the market with an average marketing time of 98 days. This results in a 1.4-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
This shows a decrease in the number of sales of 127 homes or -7.6%. The median sale prices saw a 12.7% increase year-over-year. There are currently 178 homes on the market with an average marketing time of 92 days. This results in a 0.9-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
The most significant change to the market is the days on market for active listings is increasing significantly when compared to recent months. While this is typical for early fall market, as well as election years, it does mark a change. The decrease in interest rates will likely bring some additional buyers to market prior to winter as well.